Crunch time: Latest Greek financial proposal ‘good basis for progress’

The chief of staff to European Commission President Jean-Claude Juncker called the latest proposal from Greece to resolve its debt crisis a “good basis for progress” in talks among eurozone leaders on Monday. The flurry of diplomatic contacts came as Athens scrambled to reach a deal with its eurozone lenders after five months of deadlock, with Prime Minister Alexis Tsipras also scheduled to meet the leaders of IMF, EU and ECB creditors. Athens said its new proposals were aimed at reaching a “definitive solution” to end the standoff between Athens and its creditors as fears deepened over a potential “Grexit” from the eurozone.

To enter into such uncharted waters and take up all the risk both for the eurozone and for Greece for two or three billion (euros) difference, I think it’s insane.

National Bank of Greece chief Louka Katseli

The heads of the 19 eurozone countries will hold an emergency summit on the crisis in Brussels on Monday under pressure to prevent Greece from defaulting on its debt with a June 30 payment deadline fast approaching. For the Greek government, any extension of the bailout should be about kickstarting the country’s devastated economy and not further austerity.

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