Failure to reach an agreement on a crucial bailout package for Greece has raised fresh doubts about the future of the European Union as well as the country's dire economic situation.

After nearly 12 hours of talks in Brussels overnight, EU finance ministers said more time was needed to analyze the technical details of the package before releasing Greece's next batch of bailout funds.

German Chancellor Angela Merkel said Wednesday a deal on the Greek bailout package could still be reached at a meeting of finance ministers next Monday, but she warned Europe's financial woes would not be resolved immediately.


"Debt reduction is critical for Greece that is now suffering a typical debt overhang situation. The country's public debt holders including the ECB and the European governments will not accept cuts to their claims as private investors did earlier."

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