Greece has until Sunday to reform and bring proposals or face Euro exit

European leaders set a Sunday deadline to rescue Greece, saying otherwise they’ll take the unprecedented step of propelling the country out of the euro. A summit in Brussels bought Greece’s anti-austerity government five days to make new economic reform proposals to earn another aid package that would save it from financial ruin. With Greece’s banks just days away from a potential collapse that could drag the country out of the euro, Prime Minister Alexis Tsipras had been expected to offer up economic reforms in exchange for loans. Instead, his government said it would only present a plan on Wednesday.

For the Greek government, it’s every time ‘mañana.’

Lithuanian President Dalia Grybauskaite

Meanwhile, a source familiar with the country’s banking system said he expected some ATM machines to start running out of money by Wednesday, while another source, a banker in Greece, said there could be two days’ worth of money left in the system. One big sticking point in negotiations is Greece’s demand that the terms of its bailout loans be made easier. Eurozone nations are split on the issue, with lead lender Germany still reluctant. The International Monetary Fund last week called for European states to accept longer repayment rates and lower interest rates on their loans to Greece. Many economists say that Greece’s debt burden, at almost 180 percent of annual GDP, is unsustainable for a country its size.

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