Eurozone meeting breaks up with no agreement, full EU summit Sunday

The meeting of Eurozone leaders in Brussels has just broken up. There is still no agreement on a new deal for Greece. In these circumstances, the European Central Bank will not lend more to the Greek banks, so they will remain closed.

What has been announced is a full summit of all 28 EU members for Sunday. Now, the significance of this is that Greece stops being an issue just for the Eurozone and becomes one for the whole of the EU when it leaves the Euro. The presence of all the EU leaders on Sunday will mean that the issue of a Greek exit from the single currency can be discussed.

The Eurozone leaders struck different notes on how likely a deal was as they left. But, perhaps, most significant was the fact that Angela Merkel is suggesting that debt relief is not on the table and that any new deal would have to go further than the one that the Greek government urged its voters to reject last week.