The on-going efforts by Eurozone countries to secure a deal between Greece and its bondholders continue today.
The talks in Brussels continued into the early hours of this morning.
However there is still no sign of a deal.
European Finance Ministers have today urged Greece to prepare new budget cuts soon and conclude their negotiations within days.
The Euro has slipped from a 3-week peak after the Ministers rejected an offer by private creditors to restructure Greek debt.
Finance ministers sent back the Greek debt swap offer saying the coupon demanded by bondholders was too high.
Private
creditors say a 4% coupon is the least they can accept if they are
going to write down the nominal value of the debt they hold by a half.
Yanis Varoufakis is Professor of Economics at the University of Athens.
He told Breakfast here on Newstalk that he believes if any member state leaves the Euro the currency will collapse in 24 hours.
Check out The Global Minotaur by Yanis Varoufakis
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