Greek bailout talks collapse as Varoufakis calls current terms 'absurd'

Talks between eurozone finance ministers on the future of Greece's bailout have come to a dead end, heightening fears of further market turmoil in case Greece is left with no European support.

Greece was a offered an extension on its €240bn (£178bn) rescue programme, but Greek finance minister Yanis Varoufakis rejected this as "absurd" and "unacceptable", according to the FT. He has until Wednesday night to accept these conditions, but this is the second time in five days talks between eurozone creditors and the Greek government have broken down, so a mutual agreement it is highly unlikely. Varoufakis told the media he had been prepared to agree to new terms with a four to six month extension, a condition to which the EU regulator is not agreeing. He said Athens would co...