Greece has 48 hours to strike a new bailout deal with its eurozone creditors or face a banking collapse, a humanitarian emergency, and the
startof an exit from the single currency, European leaders decided on Tuesday evening.
Unless Athens presents convincing details entailing more austerity as the basis for its third bailout in five years, all 28 national EU leaders, not just those of the eurozone, are to gather in Brussels on Sunday in emergency session to discuss how to contain the fallout from Greece’s financial collapse.
“We have a Grexit scenario prepared in detail,” said Jean-Claude Juncker, president of the European commission.Nor does this sort of thing help:
In the run-up to Tuesday evening’s summit called as a result of the Sunday referendum, eurozone leaders demanded that Tsipras present specific proposals. Tsakalotos instead turned up at a meeting of finance ministers with speaking points jotted in pencil from a Brussels hotel notepad. The Greeks then promised a more formal submission by Wednesday.
“[With] the Greek government it is every time ‘mañana’,” said Lithuania’s president, Dalia Grybauskaitė, one of the Greek government’s harshest critics. “It can always be ‘mañana’ every day.”