Greece ‘preparing debt plan detail’

Greek officials said the leftist government broadly repeated a reform plan Tsipras sent to the euro zone last week before Greek voters, in a referendum on Sunday, overwhelmingly rejected the austerity terms previously on offer for a bailout.

The eurozone’s top official, Jeroen Dijsselbloem, said that the pressure was on Greece to present an acceptable deal, since its position was increasingly dire financially.

Tsipras was to meet jointly with the leaders of Germany and France, the currency area’s main powers, and European Commission president Jean-Claude Juncker before the summit begins at 6 p.m. (1200 ET). This is what we will be looking out for today, as well as a planned teleconference of the Eurogroup of finance ministers.

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.

There are fears that Greek banks could run out of cash in days.

“The realistic proposal from Greece will have to be matched by an equally realistic proposal on debt sustainability from the creditors“.

“It is about listening and learning what the Greek government will do after the referendum“, said Stubb, adding that creditors would not put forward any new commitments.

And in Brussels, Tsakalotos – who replaced outspoken motorbike-riding predecessor Yanis Varoufakis after he resigned on Monday in a bid to ease the rift with Athens’s creditors – told reporters there had been “progress” at the talks. But Greeks are holding tightly onto what they have.

He said: “I have the sense that the dialogue is established, or restored, and that there is a way out”. And suppliers are demanding that businesses pay cash up front. The Greek government is expected to provide a detailed proposal after Tuesday’s Eurogroup brought to light a vague outline from Athens.

The Greek leader declared that he was not seeking a “rupture” with Europe but rather a “socially just and economically viable agreement without the mistakes of the past, that caused a recessionary spiral”. “But they don’t have what it takes to get a deal nor could they implement it”. “The good thing is we had sorted things out earlier and we had 200-300 euros set aside”, he said. “I hope doing better is not so hard as Plutarch once thought”.

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

Greece would have to default on its debts and would nearly certainly crash out of the single currency, sparking a Europe-wide financial crisis. Banks have been closed and ATM withdrawals restricted.

But they struck a more upbeat tone on Wednesday after Athens promised to start pension and tax reforms demanded by creditors in return for a three-year loan to drag its financial system back from the brink of collapse. Using the result as leverage, Tsipras has insisted that any deal ultimately include discussions to cut Greece’s nominal debt.

European Union leaders also are prepared to cast a vote on Sunday to distribute humanitarian aid to Greece if no deal can be reached and the country is pitched into instability.

“The next 48 hours will be crucial”.