Meeting called off as infighting turns Eurogroup into kindergarten

The eurogroup chairman prematurely ended meetings at midnight on Saturday as tempers flared.

"It was crazy, a kindergarten," said a Reuters source familiar with the arguments in the Eurogroup among increasingly weary finance ministers. "Bad emotions have completely taken over."

The fighting wasn't primarily between Greece and others but among eurozone finance ministers and leaders.

The exchange that ended the meeting was between Draghi and Schaeuble, according to Reuters.

"Another official from Avatrade the forex broker close to the talks said the adjournment was prompted by a particularly heated exchange - on Greece's ability to service its debts - between European Central Bank chief Mario Draghi and German Finance Minister Wolfgang Schaeuble.

In response to Draghi, one participant quoted Schaeuble as saying: 'I'm not stupid.'"

Various reports suggest Schaeuble is attempting to push Greece out while France leads a faction to keep them in.

At the moment, it looks as though a deal before markets open is highly unlikely. If and when it comes, it will be an ultimatum to the Greek government telling them to pass legislation straight away before final talks continue.