Greece Arrives At Eurogroup Meeting Without Proposal: FT

Greek Prime Minister Alexis Tsipras will address the European Parliament on Wednesday after European leaders gave his debt-stricken country a final deadline to reach a new bailout deal and avoid crashing out of the euro.

“It is now up to the government of Alexis Tsipras to make serious, credible proposals so that this willingness to stay in the eurozone can translate into a lasting programme”, said Mr Hollande.

Tsakalotos left the leader’s summit venue mid-evening, telling reporters: “My impression is that we are having a go to find an agreement soon”.

European officials were cautious about the prospects for progress.

And highlighting the rising anger with Tsipras over months of foot-dragging and surprising negotiating twists, European Commission President Jean-Claude Juncker had a stark warning for Greece.

A key stumbling block at the talks is likely to be any demands to write-off more debt and Sky’s Economics Editor Ed Conway says there is “still a lot of distance between the two sides”.

Reuters reported the European Central Bank is waiting to see how Greece’s creditors respond to its financial aid request and its reform agenda, due to be published by tomorrow.

But instead of a formal blueprint, Greece’s new finance minister, Euclid Tsakalotos, spoke from hand-written notes about his country’s intentions to rein in costs and prop up its creaky fiscal underpinnings.

Strasbourg, France: Greece submitted a request for aid from Europe’s bailout fund today, and is rushing to detail a plan of economic reforms that creditors want to see this week if they are to save the country from financial collapse and keep it in Europe’s joint currency.

In a sign he may be willing to compromise, Tsipras appointed a new finance minister to lead talks with creditors.

He heads into the talks without his right-hand man, Yanis Varoufakis, who quit as finance minister on Monday. “I am not taking over at the easiest moment in Greek history”, Tsakalotos said after being sworn in.

Normal commerce is now impossible in Greece. But Greeks are holding on tight to what they have. And suppliers are demanding that businesses pay cash up front. “Athens would clearly be on a trajectory towards leaving the eurozone”, noted analysts at Teneo Intelligence.

“For the Greek population, life will get even more hard. I think we have not only the emergency in Greece, we have a very incredible problem of Europe”.

The German and French leaders issued the call ahead of a meeting of Eurozone leaders on Tuesday.

The last-minute negotiations come amid bank closures in Greece, where capital controls have been imposed that restrict Greeks to cash withdrawals of 60 euros ($67) per day.

Tsipras has agreed to imposing more harsh austerity measures, but he wants eurozone lenders to grant the country better terms for bailout debt repayments.

“As China’s outbound direct investment in the markets of the European Union continues to significantly grow, China is hoping the economic situation in Greece can be resolved and improved”, Shen added.

Following a rejection, in the form of a popular vote from Greece, over the latest offer for a bailout from the global Monetary Fund and European banks and countries, Tsipras’s government has been working to offer up an alternative in order to save the Greek economy.

With Greek banks down to their last few days of cash and the European Central Bank tightening the noose on their funding, Tsipras tried to convince the bloc’s other 18 leaders, many of whom are exasperated with five years of crisis, to authorise a new loan swiftly.

“The next 48 hours will be crucial”.