Greek impasse hits euro

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Jean-Claude Juncker, who heads eurozone finance meetings, promised more clarity on Monday following last night's conference call of eurozone finance ministers.

Greek Finance Minister Evangelos Venizolos said there were some in the eurozone who now wanted Greece out of the euro. His country had come up with "a credible response to all those in Europe who doubt our ability to implement the program and to continue its implementation after the coming elections".

Major European stock markets fell between 0.5% and 1.5% while the euro fell 0.7 cents to $1.2996.

Michael Hewson, markets analyst at CMC Markets, said: "Yesterday's back-and-forth between Greek politicians and EU policymakers had all the hallmarks of an unedifying playground spat, with accusations and insults flying thick and fast."

The brinksmanship echoes that seen when the crisis erupted two years ago.