EU hastily cancels summit on Greece.

The EU summit scheduled for July 12th has been cancelled due to "extremely difficult" negotiations on a third debt guarantee agreement for Greece, which are still ongoing.

Eurozone finance ministers adjourned talks last night and resumed discussions today.

European Council President Donald Tusk said the meeting of eurozone leaders would take place at 2 p.m. GMT and would continue until negotiations on Greece were concluded.

The BBC noted that it is rare for an EU meeting to be canceled so abruptly with such a brief statement.

Prolonged negotiations on Greece ended on July 11 without an agreement, and the head of the eurozone finance ministers' group, Jeroen Dijsselboem, described the talks as "extremely difficult".

"We had in-depth discussions of Greece's proposals, the issues of credit and confidence were also discussed, as well as financial matters, but we could not reach a conclusion," said Mr. Dijsselbloem.

"The negotiations are difficult, but things are still progressing."

Negotiations between finance ministers resumed at 9:00 GMT.

European Commission Vice President Valdis Dombrovskis said it was "highly unlikely" that results would be achieved at today's meeting that would allow the parties to formally move on to negotiations on a third bailout package.

According to Lao Dong newspaper