‘Time is of the essence’: Greek PM Tsipras races to restart talks after vote win

Greek Prime Minister Alexis Tsipras heads to Brussels today, where he will try to use a bailout referendum victory to obtain a rescue deal with European leaders. Tsipras faces intense pressure from creditors abroad and banks at home who all demand what Greece lacks: money. As the Greek leader readied proposals to restart bailout talks, the situation was complicated by the European Central Bank’s refusal late Monday to increase assistance for Greek banks desperately needing cash and facing imminent collapse unless a rescue deal is reached.

I won’t hide from you that I am very nervous and very anxious. I am not taking over at the easiest moment in Greek history.

New finance minister Euclid Tsakalotos (pictured)

A hastily called meeting of eurozone finance ministers is slated for this afternoon, and a full summit of the leaders of the 19 euro countries was to be held this evening. With Greece’s future in the European Union and its euro currency at stake, a Monday meeting between German Chancellor Angela Merkel and French President Francois Hollande in Paris set the tone for the Brussels talks. "Time is of the essence,“ Merkel said afterward. ”(Greek) proposals have to be on the table this week.“

Politics Greece