European stocks and the euro are trading lower as investors focus on Greece and the Emergency Euro Zone Meetings. Today Finance Ministers meet and tomorrow European Union Leaders. Over the weekend Greek Prime Minister Alexis Tsirpas had ruled out any extension of the international bailout and reaffirmed that he will stick to his pre-election pledges to roll back austerity measures.
Yesterday Prime Minister Alexis Tsipras won a confidence vote in Greek Parliament on his plan to cancel the international bailout. Hopes for a compromise in Greek debt negotiations lend support to the markets. Reports state that the European Commission could propose a six-month extension to the bailout program. Greece seeks to get a 10 billion euro bridging plan in order to buy time and to avoid a funding crunch but according to German Finance Minister Schäuble there are no plans to give the country more time.
The ongoing crisis in Ukraine further weigh on markets as peace-talks are taking place between Russia, Ukraine, France and Germany in Belarus.
The FTSE 100 index is currently trading -0.42% quoted at 6,800.29 points. Germany's DAX 30 lost -0.42% trading at 10,708.85. France's CAC 40 is currently trading at 4,660.88 points, -0.74%.