Looking for extraordinary EU Summit

Greek officials had hoped an agreement could be reached quickly and approved by a Eurogroup meeting tomorrow.
But that meeting was postponed. “More time needed,” tweeted Michel Reijns, the spokesman for Eurogroup head Jeroen Dijsselbloem.
“Meeting on first review, contingency package and debt at later stage,” he added.
The impasse is the latest in a saga of troubled talks. The Greek government and the International Monetary Fund are at loggerheads over how to find up to €3.6 billion ($4 billion) in so-called contingency measures, or additional austerity, if Greece misses its budget targets, the Wall Street Journal reports.
Finance Minister Euclid Tsakalotos has argued since last weekend that the savings should come by trimming public spending across all government departments if Greece’s fiscal watchdog says it is needed.

The Greek side believes that German Finance Minister Wolfgang Schaeuble showed understanding for Greece’s position and appeared to support the Greek proposal for a permanent mechanism to reduce spending when the adjustment program is not on track.
Athens is adamant that the IMF’s insistence on specific standby measures being legislated now was the only factor that prevented Greece and the institutions reaching an agreement on Tuesday.
Apart from seeing the automatic mechanism as a route to a swift deal with its creditors, the government also believes that this is the most viable option in political terms.

IMF-EU discontent
But IMF officials argue across-the-board cuts make little sense, and that the ax should fall where there are still inefficiencies. That, in the IMF’s view , mainly means cutting pensions and eliminating income-tax exemptions—politically explosive overhauls for most any government.
Greek and some European Union officials had hoped an agreement could be reached quickly and approved by eurozone finance ministers on Thursday.
But that meeting was postponed on Tuesday. “More time needed,” tweeted Michel Reijns, the spokesman for Dutch Finance MinisterJeroen Dijsselbloem, who presides over the so-called Eurogroup. It wasn’t clear when negotiations would resume.
Some in Athens fear that if there is no deal—and Eurogroup meeting—by early next week, the group might not convene before May 24, its next scheduled meeting.
That could put Greece under financial strain because of the additional time that might be needed to seal all the agreements. Greece has large debts coming due in July and is facing potential default if fresh bailout funds aren’t unlocked before then.
Greece’s government coffers are emptying rapidly and the remaining cash reserves in the public sector will probably run out in June, according to some European officials.
If the reserves run dry, Greece could be forced to delay paying public-sector wages or pensions—or else default on loan repayments to the IMF, like it did in 2015.
But more likely, say European officials, is that Prime Minister Alexis Tsipras’s government would be forced to offer the IMF the targeted fiscal cuts that it wants.