Greece on the brink of collapse: Sunday’s deadline to decide euro or “Plan B”

European Council President Donald Tusk said that now was “the most critical moment in the history of the eurozone” as Greece was given until Thursday to present new proposals to secure a deal with creditors. “The final deadline ends this week,” said Tusk after emergency talks in Brussels on Tuesday.

Greece arrived at the talks without no proposals as had been expected. The country was given an ultimatum to reach a deal at the EU summit on Sunday or to let its banks go bust on Monday.

Despite Greek lack of proposals, Finance Minister Euclid Tsakalotos – a moderate man by nature – was welcomed by eurozone leaders who found him more conciliatory and modest than his outspoken predecessor Yanis Varoufakis.

Greek Prime Minister Alexis Tsipras stated his desire for a “final exit from the crisis” (not the European Union), but he will only agree to a “socialy just and economically viable agreement” and hopes for reforms in return for funding commitments.

French President Francois hollande said that Greece will have minimum liquidity from the European Central Bank until Sunday – the new final deadline and this time, with Greece on the brink, it really does seem “final”.

Austrian Chancellor Werner Faymann warned that no deal would mean preparation for “Plan B” (code for Greece losing all access to euros).

Noteworthy is the fact that Tusk has called an emergency meeting of the full EU, rather than just eurozone government leaders becaue the repercussions of a Grexit would have a negative political and economic impact on the entire European Union.

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