EU Summit on Sunday to finalize Greek bailout deal

Greece has faced and missed repeated deadlines with its EU counterparts and creditors but has been given a final deadline this Sunday to reach a deal on a cash-for-reforms bailout or face bankruptcy. European leaders called an emergency summit on Sunday of all 28 EU members to decide the country’s fate.

Greek Prime Minister Alexis Tsipras said he was ready to make “efforts” to reach an accord that “guarantees a way out of the crisis”.

The stand-off between the far-left government in Athens and Eurozone lenders has lasted about six months now and Greece is at the brink of a Grexit and could end up leaving the euro if an accord is not reached soon. The country’s banks have been closed for a second week now and capital controls are in place. After the expiry of its bailout aid on June 30 and missing an IMF payment of 1.6 billion euros, Greece is at risk of going bankrupt.

In the strongest language since the start of the six-month, EU leaders said the No vote from Sunday’s referendum had severely constrained their ability to offer Greece aid and warned that any new bailout deal would include much tougher terms than those that could have been reached just two weeks ago.

“I am strongly against Grexit but I can’t prevent it if the Greek government is not doing what we expected,” said Jean-Claude Juncker, the European Commission president. “We have a Grexit scenario prepared in detail: we have a scenario as far as humanitarian aid is concerned.”

Athens has until Thursday to present proposals for reforms to make up the fiscal gap in the country and in return receive financial aid.

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