London's leading share index has opened flat in early trading, with investors cautious as Greek default fears resurface.
Greece is fighting to avoid a €5bn default by renegotiating the terms of its €174bn bailout. The payment is due this week, but Greece is currently in talks with European leaders about getting an extension.
According to the FT Greece can only raise €3.5bn of the €5bn it owes the European Central Bank.
European finance chiefs are meeting later this afternoon to attempt to renegotiate the country's financing and maintain Greek solvency.
However, with so much remaining unclear, the FTSE 100 is flat thisd morning as investors wait for developments to unfold. By 09:40am, the index was up just 5 points at 5,774.
Last week the index fell 1.7% after nearing a 16-month high of 5,921, with concerns over the approaching US fiscal cliff weighing on sentiment.
Last night the Greek government approved its 2013 budget, agreeing to approve spending cuts and tax hikes for the next two years.
"Greece has done what it was asked to do and now is the time for the creditors to make good on their commitments," said Prime Minister Antonis Samaras.
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