Greece given until July 12 to make debt proposals at full EU summit

A special EU summit has been convened for Sunday July 12, after an emergency eurozone leaders’ meeting finished without a deal. Leaders from all 28 states are to be included in the discussion of proposals expected from Athens.

European Union leaders are to hold a decisive summit on the Greek debt crisis Sunday, with Prime Minister Alexis Tsipras being pressed for proposals that would stave off financial chaos.

German Chancellor Angela Merkel said on Tuesday she hoped there would be enough reform proposals from Greece to make it possible for the German parliament to approve negotiations. Merkel said after the summit that Greece needed a debt program lasting “several years”.

Italian Prime Minister Matteo Renzi said he believed a definitive deal would be possible on Sunday. “Tonight the decision is that we wait until Sunday for the new proposal to the European institutions by the Greek government,” said Renzi.

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(Photo: EC Audiovisual Service)