Greece debt crisis: ‘Ball lies in Greece’s court’ – Juncker

“But tonight I have to say it loud and clear – the final deadline ends this week”.

It will mean the end of the negotiations with all the possible consequences, including the worst-case scenario, where all of us will lose.

Jean-Claude Juncker, the president of the European Union’s executive Commission, indicated a comprehensive deal for Greece was unlikely to be reached Tuesday.

NEW YORK, July 7 (Reuters) – The euro dropped to a five-week low against a buoyant US dollar on Tuesday, after the European Central Bank tightened lending conditions for Greek banks, raising concerns the lenders could run out of cash.

He added: “I’m also sombre about the question of whether Greece really wants to come up with proposals, with a solution”.

After several hours of closed doors talks on Tuesday, the finance ministers emerged to report disappointment at the lack of progress even as Greek banks struggle just to keep their ATMs stocked with the bare minimum of cash. Yet an image has been created that Greece had not made any proposals.

“The process will be swift, it will be speedy”.

Often such detailed plans have fallen by the wayside amid political bickering between Greece and its creditors. Instead, backed by his referendum victory on Sunday, Mr Tsipras stood his ground.

The modified request – acceptance of which is seen as crucial to keeping Greece in the eurozone – will be submitted to the Eurogroup of finance ministers after a presentation on Tuesday fell flat.

He said there would be no finance ministers’ teleconference, but the request would be dealt with on Wednesday by the Eurogroup Working Group, comprising senior officials.

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).

German Chancellor Angela Merkel confirmed that the clock is running down fast as she arrived for talks in Brussels.

And Dijsselbloem said after the talks: “We were under the impression proposals would come today”.

He did not name names but may have been referring to German Finance Minister Wolfgang Schaeuble, who has made no secret of his skepticism about Greece’s fitness to stay in the euro.

The meetings were unlikely to be decisive, though, after officials said Tsakalotos had not brought written proposals with him.

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”.

“I am confident that in the next two or three days we will be able to meet the obligations in the best interests of Greece and also the eurozone”, Tsipras said in a speech to the European Parliament in Strasbourg.

Greece defaulted on an International Monetary Fund loan repayment last week, becoming the first developed nation to do so.

“The President received an update from Prime Minister Tsipras on his ideas for a path forward between Greece and its creditors“, the White House said in a statement.

Getting a new rescue deal for Greece is urgent and becoming more so by the day.

But French Prime Minister Manuel Valls insisted that a Greek exit from the currency it joined in 2001 was not an option, drawing the line much more firmly than austerity-minded Berlin has so far.

Normal commerce is now impossible in Greece.