Greek creditors report progress in bailout talks

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German chancellor says demands of time dictates weekend meeting is last chance for deal on Greek bailout

The German chancellor, Angela Merkel, has said an emergency eurozone meeting on Saturday will be “decisive” in resolving the Greek debt crisis, as Athens faces a critical 24 hours in its attempt to avoid a debt default.

European officials in Brussels were resuming efforts on Friday to resolve the standoff between Greece and its creditors, but are running out of time to prevent the indebted country missing a €1.6bn (£1.1bn) payment to the International Monetary Fund on Tuesday and the severing of life support to its banking system.

Related: Greece crisis: markets open lower ahead of weekend talks – live

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view The Guardian: Economics