Greece debt crisis: Eurozone sets out new deadline
The eurozone gives Greece until Thursday to present new proposals to secure a deal with creditors, and has called a full EU summit for Sunday.
The moves came after an emergency eurozone leaders' summit in Brussels.
The eurozone had asked Greece to submit fresh plans after its voters rejected a draft bailout in a referendum.
But Greece brought no written plans, suggesting instead a few changes to an earlier draft, which would respect "the mandate of the referendum".
On Sunday a meeting of all 28 members of the European Union will be held.
German Chancellor Angela Merkel said the eurozone leaders had a "serious, candid discussion" in Brussels that "reflected the seriousness of the situation at hand".
The Eurozone is shaping to give Greece 72 hours to choose between being a vassal and an outcast.
According to the terms of the latest draft statement honed by nearly two days of bitter arguments, Greece will be given a ‘temporary time-out’ from the Eurozone if it fails to pass, by Wednesday, a raft of laws whose spirit goes against an emphatic referendum last weekend, and against everything its elected government believes in. The terms are the conditions for a new three-year bailout worth an estimated €82 billion ($91 billion).
In addition to the familiar litany of reforms from VAT increases to eliminating early retirement, Greece’s creditors are reintroducing earlier demands regarding liberalization of the labor and product markets, and are now insisting on what amounts to a sweeping veto on all new legislation. They also want the reinstatement of regular enforcement (or rather, ‘monitoring and implementation’) visits by officials from the European Commission, European Central Bank and International Monetary Fund–the hated ‘Troika’. Meanwhile, another part of the draft calls for Greece put €50 billion of assets earmarked for privatization into an escrow fund in Luxembourg, under the control of the creditors.
Market Data 
Markets 
AI
