by Our Foreign Desk

YESTERDAY’S European Union leaders’ summit was cancelled as eurozone finance ministers’ talks in Brussels over a Greek debt bailout dragged on toward their midnight deadline.

European Council president Donald Tusk said the eurozone ministers’ meeting would resume “and last until we conclude talks” on Greece, after meetings on Saturday ended with no agreement.

Foreign ministers and leaders of the 19 eurozone states continued to press Greek Prime Minister Alexis Tsipras on his government’s proposals for a €53.5 billion (£38.5bn) three-year financial package.

Mr Tsipras arrived ready to compromise after the Greek parliament approved his latest offer to international creditors on Saturday.

“We owe that to the peoples of Europe who want Europe united and not divided,” he said.

Some reports said that Greek banks, closed for almost two weeks in the face of a bank run and limiting withdrawals to €60 (£43) a day, have barely enough money to last them a week.

But German Chancellor Angela Merkel demanded further concessions, warning that Greece could not take anything for granted.

“There will not be an agreement at all costs,” she said.

Finnish Finance Minister Alexander Stubb also demanded harsh labour law reform and privatisations.

On Saturday reports emerged of Germany making plans for a “temporary” Greek exit from the euro, although Athens denied any knowledge of them.

But French Finance Minister Michel Sapin dismissed the German comments, which he said were only made to “entertain the gallery.”

Yesterday French President Francois Hollande sought to scotch the rumours, saying Greece was either in or out of the common currency.

Cypriot Finance Minister Harris Georgiades said a deal was possible. “We have to work less on the basis of emotion and more on the basis of reason and the difficult but necessary choices that will create prospects,” he said.

Russian Energy Minister Alexander Novak said his country was willing to assist Greece by increasing co-operation in the energy sector, and was looking into direct supplies to the country.