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It's make or break time for Greek banks and the country is "dangerously close" to a Grexit as talks to prevent Athens defaulting on its debts failed on 18 June.
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Greece defaults on loans, the ECB pulls plug on emergency bank assistance leading to run on Greek banks, capital controls and potential Grexit Athens agrees a cash-for-reform deal with creditors at the last minute and avoids default, staying in euro No deal reached, but both sides paper over cracks and Greece stays in euro for now Donald Tusk, the European Council president who convened the summit, said the failure to reach a deal in Luxembourg meant it was now time to "urgently discuss" the Greek crisis "at the highest political level".
Meanwhile, fearing a run on cash, the European Central Bank (ECB) said that Greek banks might have to stay closed on 22 June.
About €2bn (£1.4bn, £2.3bn) in deposits left the country's banks between 15 and 17 June.
The Times reported that during the Luxembourg meeting of eurozone finance ministers, Benoît Coeuré, an ECB executive board member, was asked by Jeroen Dijsselbloem, the Dutch chairman of the group, whether Greek banks would open today. Monday, I don't know."Hinting at a "plan B" for a possible Grexit, said: "It's our deepest wish to keep Greece in the eurozone, but, having said that, we're prepared for all eventualities. Very little time remains." If an agreement cannot be reached, there is a massive risk that Greece will default on a €1.5bn loan repayment due to the IMF by 30 June.
Christine Lagarde, the head of the IMF, said there was an urgent need for an "adult" dialogue, adding: "We can only arrive at a resolution if there is a dialogue.