Greek Debt Crisis: Final Deadline for Greece to Present New Plan

The leaders of the eurozone countries have given Greece until Thursday to come up with new proposals for a deal with creditors.

At yesterday’s meeting, they had expected Greece to present a new plan following the No vote in Sunday’s referendum, but the new Greek finance minister had nothing new to offer to help secure a financial deal with Greece’s international creditors. The head of the eurogroup, Jeroen Dijsselbloem, announced that Greece had presented “no concrete measures”.

Now the European Council President, Donald Tusk, has said that Greece has been given an ultimatum: if a deal cannot be concluded by Thursday, then its banks face the prospect of going bust. Describing the situation as the “most critical moment in the history of the eurozone,” he said that “the final deadline ends this week.”

A meeting of all 28 EU members is due to be held on Sunday. EU Economy Commissioner Pierre Moscovici said that Europe did not want to see Greece leave the euro: “The Commission does not want a Grexit. Grexit would be a terrible failure and we are fighting to avoid it.”

But, he said, Greece must make proposals: “They know what they have to do, they know what we expect”.

So the ball is in the Greek court and they have less than two days to stave off disaster for their banks and their country.

For more on the Greek debt crises, go to ADVFN’s Greek Crisis page: http://uk.advfn.com/greece-crisis.

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