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Greece’s shares slide as crunch eurozone meeting nears as 18 June on card

Greece’s shares slide as crunch eurozone meeting nears as 18 June on card

ATHENS: Greece needs to clinch a deal with its EU-IMF creditors at a eurozone meeting on June 18 to prevent it from defaulting on its debt, two ministers said on Friday, a day after the IMF pulled its team out of the negotiations.

Defence Minister Panos Kammenos said in an interview with Greece’s Mega channel that a deal “will come about by June 18 or never”.Minister of State Alekos Flambouraris, a close associate of Prime Minister Alexis Tsipras, told state television ERT: “I hope (an agreement) comes very soon, on June 18, when the Eurogroup convenes.”

Athens stocks slumped four percent at open as optimism a day earlier for an imminent deal evaporated.Greece needs to find 1.6 billion euros ($1.8 billion) to repay to the International Monetary Fund by the end of the month. It therefore needs to clinch a deal to unlock 7.2 billion euros in bailout funds by the end of June before its current EU-IMF rescue programme expires, leaving the cash-strapped country with no means of support against a looming default.