Greek bailout negotiations have hit a dead end, Finnish Finance Minister Alexander Stubb told CNBC after Athens and its creditors failed to clinch a deal during a Eurogroup meeting in Luxembourg on Thursday.
"I think we've come pretty much to a dead end. We've been trying to find a solution for a long time," Stubb told CNBC. "The ball has been firmly in the Greek court ever since the beginning and I think it continues to be there," he said.
Euro zone leaders are set to hold an emergency summit on Monday to "urgently discuss the situation of Greece at the highest political level" after Thursday's meeting yielded no progress, with both sides refusing to compromise over what reforms Greece should make in exchange for more aid.
The emergency summit comes just eight days before Athens needs to make a crucial 1.6 billion euro ($1.8 billion) payment to the International Monetary Fund (IMF) in order to avoid a possible default.
As the deadlock continues, there appears to be less of a will among euro zone finance ministers to keep Greece in the euro zone compared with a few months ago.
"I think patience is a virtue, but a lot of countries are running out of virtues," Stubb said. "In the beginning there was a lot more sympathy, but the last six months have been quite difficult. Usually in the European Union, if you make a deal you're supposed to stick to it. There's been too much movement back and forth in the past six months," he said.
While it is important to maintain stability in the common currency and keep Greece in the euro zone, it cannot be done at "all costs," Stubb added.
The euro has remained remarkably resilient despite the latest developments, up 0.1 percent against the U.S. dollar on Friday to trade around 1.137. The euro-dollar has risen 1.2 percent over the past week.
Stubb comments come amid an increasingly precarious financial situation in Greece – with the European Central Bank reportedly warning overnight that Greek banks might not be able to open on Monday as deposit outflows accelerate.
Greek savers have withdrawn about 2 billion euros from banks over the past three days, with outflows rising sharply since talks between the government and its creditors collapsed at the weekend, banking sources told Reuters.
The 2 billion euros taken out between Monday and Wednesday represent about 1.5 percent of total household and corporate deposits of 133.6 billion euros held by Greek banks as of end-April, according to Reuters.
If Greece were to default, Stubb believes the succeeding fallout would be contained.
"I don't believe in the domino effect I'm quite confident that we can manage this," he said. "You look at Ireland and Portugal, they've made successful entries back into the market and their economies are quite strong."
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