Eurozone gives Greece until Sunday to settle debt crisis

July 08, 2015 08:11

Euro zone members have given Greece until the end of the week to come up with a proposal for sweeping reforms in return for loans that will keep the country from crashing out of Europe's currency bloc and into economic ruin.

Greece Prime Minister Alexis Tsipras has until Friday to present the proposal, but German Chancellor Angela Merkel said she hoped to have convincing reform commitments from Tsipras on Thursday so she could ask German Parliament to authorise negotiations on a new aid programme.

At an emergency summit in Brussels on Tuesday, representatives of the 19-country euro zone said all 28 European Union leaders would meet on Sunday to decide Greece's fate. The talks were organised after Greeks voted in a referendum on Sunday against a bailout that carried stringent austerity measures.

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