Eurozone Finance Ministers have failed to agree a deal on releasing bailout funds to Greece - sending the Euro into a downward spiral in early trading.

Greece has been waiting since June for an instalment of €31 billion in aid.

But Eurogroup ministers have clashed with the IMF over how long Greece should have to reduce its debt.

The IMF has argued that if Greek debt is to be sustainable - it must be reduced to 120% of GDP by 2020.

While eurogroup president Jean Claude Juncker has said he wants the target of 120% pushed back to 2022.

A meeting to resume talks on the matter has been scheduled for Monday.