Greek PM to present new debt plan at eurozone summit

Most recently, he accused the European Union leaders of “terrorism” in their push to persuade Greek voters to approve more austerity measures.

There were few signs of movement in the run-up to Tuesday’s meeting. “What we’re going to do today is talk to each other, understand each other, show tolerance to each other and restore order to the situation”.

His sacrifice suggested Tsipras was determined to try to reach a last-ditch compromise with European leaders.

Tsakalotos, who replaced Yanis Varoufakis as finance minister after last Sunday’s Greek referendum result, was expected to make the case for a new bailout package with less emphasis on austerity.

A “yes” vote would have helped Tsipras agree to a painful deal easily by saying that the people had decided in favor of what he calls austerity (and what I call reforms for the sake of the country, not least the youth).

Two sources said it would be a mixture of releasing 1.9 billion euros in profits returned by the European Central Bank to member governments on its Greek bond holdings, and either bilateral loans from friendly countries or a decision by the European Central Bank to allow Greece to issue more short-term Treasury bills.

And even if the worst is somehow avoided at one minute before midnight on Sunday, awful economic damage is being wreaked on Greece right now – by the near collapse of its banks. Small businesses, lacking use of credit cards or money from bank accounts, were left to rely on cash coming from diminishing purchases from customers.

Businesses were also told to ring a government helpline if they had problem getting paid by Greek firms.

“Greek banks are apparently now days, if not hours, away from running out of cash”.

“Soon after the announcement of the referendum results, I was made aware of a certain preference by some eurogroup participants, and assorted partners, for my … absence from its meetings”, Mr Varoufakis says. “All of us are responsible for the crisis, and all of us have a responsibility to resolve it”. “I believe something better will happen”.

ANGELA MERKEL (translated): It will be very important for the Greek prime minister to tell us what the next steps are for Greece and present a precise proposal for a medium-term program that will lead Greece to prosperity and growth.

The question of whether Greece stays within the euro is not something that only concerns Europe – it also affects China, world financial stability and the economic recovery, Li said at the end of an EU-China summit in Brussels.

The euro was down 0.7 percent ahead of Tuesday’s meetings, though stock markets were relatively stable in Europe.

Greece’s banks have been shut since its last worldwide bailout programme expired last Tuesday.

Despite its tougher approach on debt relief, Germany said on Monday that eurozone leaders should discuss humanitarian aid for a country worn out by years of belt-tightening and chronic unemployment. The government, meanwhile, has been slower than hoped in making the economy more competitive and selling state assets to raise money.

Tsipras met privately with the leaders of Germany and France, the currency area’s main powers, and European Commission president Jean-Claude Juncker just before the summit began.