European Commission

Bulgarian Foreign Minister Daniel Mitov pointed to the planned gas interconnector between Bulgaria and Greece as having the potential to break Russian monopoly.

Mitov highlighed that the swift implementation of the agreement for construction of the gas interconnector, which was likely to be signed in July, was important for the energy security of Southeastern Europe.

Austria's Finance Minister said a Greek exit from the euro - or Grexit - "appeared almost inevitable now» and that this would only be possible if Athens first asked to leave the European Union and other countries agreed to its request.

European Commission President Jean-Claude Juncker is in constant communication with German Chancellor Angela Merkel, French President Francois Hollande, Italian Prime Minister Matteo Renzi and European Council Chief Donald Tusk. Sources state that an emergency teleconference is being prepared with participation of all leaders of eurozone member states.

Greek Prime Minister Alexis Tsipras called a shock referendum for July 5 on the tough economic policies that the country’s creditors want in exchange for more rescue funding. He addressed the nation at 1 a.m., telling television audiences that Greek voters should choose as to whether the list of policies the creditors presented in Brussels this week should be accepted.

Croatian Prime Minister Zoran Milanovic on Thursday said his country is willing to accept a share of the 40,000 refugees, mainly from Syria and Eritrea, who recently arrived in Greece and Italy, which Brussels wants distributed round the EU.

Milanovic made the offer ahead of an EU summit dominated by migration issues and the Greek crisis.

Greece's exit from the eurozone will be inevitable if Athens and its lenders do not come up with a solution within the next five days, Germany's EU Commissioner Guenther Oettinger said on Friday.

"We will do everything up until the 30th so that the Greeks show they are prepared to reform," Oettinger told Deutschlandfunk radio.

Italian Prime Minister Matteo Renzi rebuked fellow EU leaders on June 25 for failing to agree a plan to take in 40,000 asylum-seekers from Italy and Greece, saying they were not worthy of calling themselves Europeans.

Romania will have the lowest price in Europe for medicine, following a 20 per cent cut for all medicine products, planned to take place starting from July, according to Health Minister Nicolae Banicioiu. The move follows the allignment of local pricing legislation with European Union norms.

After yet another inconclusive Eurogroup in Brussels Thursday, finance ministers agreed that more talks were required to bridge enduring gaps between Greece and its creditors with another Eurogroup to be held over the weekend, most likely on Saturday.

Talks between Greece and its eurozone partners broke up Thursday without agreement, intensifying doubts about whether Athens can make a crucial debt payment due in just a few days. The negotiations will resume Saturday.