Greek failure puts pressure on EU

Top financial officials from eurozone countries were grappling with Greece’s worsening debt crisis today after its admission its deficit will be higher than promised sent markets tumbling.

Greece’s revelation calls into question whether Athens will receive the next instalment of the bailout loan it needs to pay its day-to-day bills. If it does not get it by mid-October, it could go bankrupt and would be unable to pay pensions and salaries.