Protesters occupy the exterior of the parliament grounds during a rally calling on the government to clinch a deal with its international creditors and secure Greece's future in the Eurozone, in Athens June 18, 2015. REUTERS/Paul Hanna
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Euro zone leaders will hold an emergency summit Monday to try to avert a Greek default after bank withdrawals accelerated and government revenue slumped as Athens and its international creditors remain deadlocked over a debt deal.Finance ministers of the 19-nation currency bloc failed to make any breakthrough on a cash-for-reforms agreement at talks in Luxembourg Thursday, just 12 days before Greece must make a crucial debt repayment to the International Monetary Fund. German and EU officials dismissed a German newspaper report that the creditors were preparing a final offer to extend Greece's bailout program until the end of the year without IMF involvement, and let Athens use 10 billion euros ($11.37 billion) in aid earmarked for bank recapitalization to pay off liabilities to the European Central Bank and the IMF.A combination of a default and capital controls could set Greece on a path out of the euro zone and even the EU itself, the Greek central bank warned this week.A narrow majority of Germans now favor of Greece leaving the euro zone.
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