Greece Default Update 2015: Eurozone Leaders To Hold Emergency Meeting After Greece Fails To Secure A Deal With Creditors

Eurozone leaders will hold an emergency meeting Monday to discuss Greece’s bailout crisis after Athens and its creditors failed to secure a deal that would prevent the country from going bankrupt, a European Union official said Thursday. The lack of progress adds to growing fears of a Grexit in which Greece would exit the 19-member currency block in the aftermath of a default.

Donald Tusk, president of the European Council, announced on Twitter Thursday he has decided to hold an emergency eurozone summit Monday evening in Brussels to discuss the Greek debt situation.

European Union finance ministers failed to make progress with the country after creditors met with Greek officials Thursday in Luxembourg. Jeroen Dijsselbloem, chairman of the Eurogroup, said Greece proposed too few measures and that talks "have not progressed."

"Regrettably, too little progress has been made. No agreement is in sight," Dijsselbloem said during a news conference Thursday.

Dijsselbloem said a deal was still possible and that he and his peers were "very committed" to keeping Greece in the Eurozone, the Associated Press reported. "Greece needs to become financially independent," he said. "Any deal that simply doesn't deliver, that ... would be also a bad deal for the Greek people."

Greek officials want to renegotiate the terms of its 240 billion euro ($270 billion) bailout program, which the far-left Syriza Party promised when it won the national election in January. But time is running out: Greece's bailout program expires June 30.

The current government is seeking to restructure the country's massive debt burden, which stands at nearly 177 percent of annual GDP, more than any of the 19 nations using the euro.

Greece is looking to renegotiate budget cuts and other austerity measures under the bailout arranged by the European Commission, European Central Bank and International Monetary Fund (known as “the troika”). Greece's previous conservative government had agreed to those bailout terms.

Greece struck a deal with the European Union in February to get 7 billion euros ($8 billion) in extra bailout funds, in exchange for economic reforms. But Prime Minister Alexis Tsipras’ leftist government has not submitted that reform plan yet -- and, as a result, hasn’t received the funds.

Without it, Greece will run out of money to pay its obligations.

The emergency summit next week could be one of the last chances for Greece to reach a deal before the government must pay 85 million euros ($96 million) in interest to the ECB on Friday, plus 1.6 billion euro to the IMF on June 30.