Euro summit

Now is the right time for electricity market reform and for more long-term planning, Prime Minister Kyriakos Mitsotakis said at the European Council meeting on Thursday, according to government sources.

President Klaus Iohannis will participate, on Thursday and Friday, in the European Council meeting, in videoconference format, the Presidential Administration announced.

A Greek government official has said he is pessimistic that an agreement paving the way for new loans for Athens will be reached at the meeting of eurozone finance ministers Thursday.

"We are very far from a solution at tomorrow's Eurogroup meeting," the official told the Athens-Macedonian news agency on condition of anonymity on Wednesday. 

Greece's left-wing prime minister, Alexis Tsipras, on Wednesday called for an emergency summit of EU leaders this month if no agreement is reached on the country's bailout progress at Friday's Eurogroup meeting in Malta.

After a record-breaking 17 hours of talks, European Council President Donald Tusk reconvened the Euro Summit from a break with a “revised compromise proposal” on the table. Tusk announced a unanimous agreement for Greece that will be signed at around 7 p.m. on Monday.

Growing discord has started to emerge hours before Sunday afternoon's Eurozone summit which is due to decide whether to grant Greece another bailout package or move to "Plan B".

"Italy does not want Greece to exit the euro and to Germany I say: enough is enough," Italian PM Matteo Renzi told Il Messaggero newspaper.

The latest news from Brussels includes a WSJ dispatch claiming that a German proposal, eyeing a five-year exit by Greece from the eurozone, may be included in a Eurogroup draft.

With a EU28 summit on Sunday now cancelled, all eyes are on a Eurozone summit, meaning national leaders and not finance ministers.

The EU cancelled a full 28-nation summit on July 12 to decide Greece's fate in the single European currency, although a meeting of leaders from the 19 countries in the eurozone will go ahead as planned.

EU leaders are waiting on Thursday for a fresh reform package to be proposed by Greek Prime Minister Alexis Tsipras that secure a third bailout for his country.

Europe has given the Greek government an ultimatum to produce a reforms-for-bailout cash package or face a eurozone exit. A deadline appeared as Sunday, when a new emergency euro summit will be held.

Speaking after the latenight eurozone summit, European Council president Donald Tusk warned that the next five days are the most critical in the European Union’s history.