Valdis Dombrovskis

European Commission Vice President Valdis Dombrovskis told US network CNBC on Sunday that it appears the European Central Bank will cover Greek banks for the next days of weeks while talks between Athens and its European creditors are ongoing.

The EU cancelled a full 28-nation summit on July 12 to decide Greece's fate in the single European currency, although a meeting of leaders from the 19 countries in the eurozone will go ahead as planned.

Eurozone members are discussing what might happen if Greece and its creditors fail to agree a reform-for-funds deal, European Commission Vice President Valdis Dombrovskis said on Tuesday.

Dombrovskis told a news conference in the Lithuanian capital Vilnius that the Greek debt talks were supposed to have been wrapped up at the end of April and that time was running out.

The Eurozone must be prepared for anything with respect to Greece, European Commission Vice-President Valdis Dombrovskis said in an interview with Spanish newspaper El Mundo published on Monday.

By Marcus Bensasson & Patrick Donahue

Greece and its creditors swapped recriminations over who was to blame for the breakdown of bailout talks, as each side hardened its position after a last- gasp attempt to bridge differences collapsed in acrimony.

Prime Minister Alexis Tsipras is due in Brussels on Wednesday with the key goal of meeting German Chancellor Angela Merkel and French President Francois Hollande on the sidelines of a summit of leaders from European Union and Latin American countries and achieving a political breakthrough to slow-moving negotiations on a reform deal.

A barrage of comments by representatives of Greece’s international creditors (European Commission, European Central Bank, International Monetary Fund) on Thursday indicate that a solution may not be as close as Greek officials have stated.

Greece's future in the euro may be in doubt, but the EU has nevertheless picked a Greek design for a special coin for the 30th anniversary of the bloc's official flag.

With no discernible irony, the two-euro coin designed by Georgios Stamatopoulos of the Bank of Greece was chosen by 30 percent of 100,000 voters in an online competition by the European Commission.

Greek government officials’ optimism over a deal with institutional creditors to unblock more than seven billion euros left over from the second bailout was not apparently shared on Wednesday throughout euro land.

By Nikos Chrysoloras, Eleni Chrepa & Rebecca Christie

Greece remained far apart from its international creditors on a deal to unlock needed bailout aid, with the two sides unable to even agree on the amount of progress made thus far.