European Union and Bank Greece

: Its central bank has warned for the first time the country could crash out of the eurozone, and even the European Union, if it fails to achieve a result, according to Australian Broadcasting Corporation. In a stark warning, the Bank of Greece said: "Failure to reach an agreement would ... mark the beginning of a painful course that would lead initially to a Greek default and ultimately to the country exit from the euro area and — most likely — from the European Union". Analysts have long warned that a default may set off a chain of events leading to a messy exit from the eurozone, a so-called Grexit, but not the country leaving the EU altogether. Related Story: Greece ready to 'resume negotiations' as default, eurozone exit loom Related Story: EU officials formally discuss Greek default possibility for first time Map: Greece The Greek finance minister has joined several eurozone officials in doubting a breakthrough could be achieved in talks today to reach a vital bailout deal with international creditors. The British government said it was accelerating preparations for a possible Greek exit from the eurozone. "You can expect that we are continuing to make sure we have the right plans in place and stepping up preparations given where discussions have got to," a spokeswoman for prime minister David Cameron said. Greece central bank All eyes are on a meeting of the 19 eurozone countries to take place in Luxembourg today, but several officials including Greek finance minister Yanis Varoufakis said they were not expecting a breakthrough. The Bank of Greece firmly believes that striking an agreement with our partners is a historical imperative that we cannot afford to ignore. (news.financializer.com). As reported in the news.