Greece scrambles for debt deal with fresh plan before summit

Greece’s prime minister presented new proposals to European leaders Sunday aimed at ending his country’s debt crisis, as Athens announced a frenzied round of meetings ahead of a summit that could determine whether Greece crashes out of the eurozone. The flurry of diplomatic contacts came as Athens scrambled to reach a deal with its eurozone lenders after five months of deadlock, with Tsipras also scheduled to meet the leaders of its IMF, EU and ECB creditors on Monday before the summit.

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

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. 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.

Greece debt Business