National Bank of Greece ADR (fka NBGGY)

[betahighlander]

Alexis Tsipras is making case for new bailout now
link: http://www.theguardian.com/world/live/2015/jul/07/greek-debt-crisis-alex-tsipras-seeks-last-chance-deal-live#block-559b6fdfe4b00bdd277082cc

Ian Traynor Ian Traynor
Euro zone EU leaders take part in an emergency summit on the situation in Greece in Brussels, Belgium, July 7, 2015. Greek Prime Minister Alexis Tsipras launched a desperate bid to win fresh aid from sceptical creditors at an emergency euro zone summit on Tuesday, before his country’s banks run out of money. REUTERS/Yves Herman
Photograph: Yves Herman/Reuters
Alexis Tsipras is said to be laying out his position to the summit now, reports Ian Traynor in Brussels.

Donald Tusk will then ask ECB president Mario Draghi, EC president Jean-Claude Juncker, and Eurogroup president Jeroen Dijsselbloem for their views.

Draghi is expected to dwell on capital controls and the dire condition of the Greek banks, Dijsselbloem is to brief on this afternoon’s eurogroup meeting. Juncker’s contribution is less than clear.

These expositions are likely to be followed by a broader exchange on the feasibility of a new longer-term ESM bailout, the conditionality [the reforms Greece would commit to], the deadlines. Basically, by the end of the evening, they should have decided whether the eurozone and Greece should open a new negotiation. This, from EU sources, is perhaps the upbeat narrative.

The more depressing scenario circulating is of another summit on Sunday, but not of the eurozone but of all 28 leaders, a full EU summit. If that transpires, the meat of the meeting is Grexit.

If a tentative accord to proceed with the ESM option is not looking good by the weekend, The Full Monty of Grexit becomes the dominant narrative, with Draghi throwing up his hands, saying he can’t do any more and the Greek banks collapsing.