Fears for eurozone heighten as Greek deadline looms

Tensions increased across the eurozone and globally as negotiations on Greek debt and cutbacks reached a critical point, amid fears that the country could default.

Eurozone finance ministers are on standby for a teleconference tomorrow or Thursday while Lucas Papademos, the Greek prime minister, held critical meetings with the troika and is due to resume talks with the leaders of the main political parties today.

Athens received repeated warnings from the European Commission, France and Germany again yesterday that they must adhere to the terms of the new €130 billion package before any of it will be released.