German Chancellor Angela Merkel has warned there must be a deal between Greece and its creditors ahead of Monday, June 22 emergency EU summit, BBC News reports.

Otherwise, she said, the summit would not be able to make any decision.

Greece has less than two weeks remaining to strike a deal or face defaulting on a €1.6bn IMF loan repayment.

There are fears about the health of Greek banks, amid reports more than €4bn has been withdrawn this week.

On Friday, the European Central Bank (ECB) approved more emergency help for the banks. The amount of extra funding has not been officially disclosed.

Meanwhile, Russia says that it will consider granting a loan to Greece if it is asked.

If Greece fails to make the repayment due to the International Monetary Fund, it risks having to leave the eurozone and possibly also the EU.