Global finance sharks to wait till Sunday for Greek pound of flesh

Frustrated and angered <g data-gr-id="26">eurozone</g> leaders gave Greek Prime Minister Alexis Tsipras a last-minute chance to finally come up with a viable proposal on how to save his country from financial ruin.

Overcoming their surprise when Tsipras failed to present them with a detailed plan, the leaders reluctantly agreed to a final summit Sunday, saying that could give both sides an opportunity to stave off collapse of the struggling but defiant member nation. Underscoring the gravity of the challenge, European Union President Donald Tusk decided to call all 28 EU leaders to Brussels instead of only the 19 eurozone members, because, for the bloc, it “is maybe the most critical moment in our history.” 

French President Francois Hollande agreed. “It’s not just the problem of Greece it’s the future of the European Union” that’s at stake, he said. 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.

“We have a Grexit scenario, prepared in detail,” he said, referring to the situation in which Greece would have to exit the currency union. With Greece’s banks just days away from a potential collapse that could drag the country out of the euro, Tsipras arrived with only vague proposals and a commitment to back it up with real figures and a more detailed plan by Thursday. Speaking to reporters late yesterday, Tsipras said he made proposals to the leaders during the evening <g data-gr-id="28">summit</g> but it was unclear whether it meant anything more than the general direction of staving off too tough austerity and insisting on debt restructuring.

Yet he made clear he had gotten the message that there wasn’t a moment to waste as deadlines for debt payments that Greece cannot afford draw near.