Door to Greece deal ‘still open’ but Tsipras warned he must get serious

Greece is under intense pressure to show “serious, credible” plans on how it can remain in the euro as its prime minister faces a showdown with eurozone leaders. The country is perilously close to leaving the currency after some 61% of voters rejected a new bailout deal that demanded further austerity measures. Prime Minister Alexis Tsipras is expected to present new proposals to an emergency eurozone summit later today. German Chancellor Angela Merkel and French President Francois Hollande, who met in Paris on Monday, have said “the door is open” at today’s crisis talks - but signalled there is no time for bluffing or protracted negotiations.

It is now up to the government of Alexis Tsipras to make serious, credible proposals so that this willingness to stay in the eurozone can translate into a lasting programme.

French President Francois Hollande

Mr Tsipras heads into the talks without his right-hand man, Yanis Varoufakis, who quit as finance minister on Monday. His departure is said to be a concession to other European ministers apparently angered by his uncompromising stance. Fears are mounting that banks and cash machines in Greece could run dry if a deal cannot be hammered out in the next few days on its €240bn (£170bn) debt. As the country enters uncharted territory - no state has ever left the currency - its government backtracked on promises that banks would reopen on Tuesday. They will now stay shut until at least Thursday, with a €60 (£42) daily limit on ATM withdrawals, that has seen long queues at cash machines, kept in place.

In Europe, there are no simple answers… but we have to find a solution.

European Commission President Jean-Claude Juncker

Politics Grexit