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Greek Prime Minister Alexis Tsipras has until the end of the week to present a proposal for reforms and reach a deal with creditors or it will face bankruptcy, Euro zone members announced Tuesday.
Representatives of the 19-country Eurozone met on Tuesday at an emergency summit in Brussels, just days after Greeks voted in a referendum last Sunday against a bailout deal that included harsh austerity policies.
The representatives announced that all 28 European Union leaders would meet on Sunday to decide Greece's future.
"The stark reality is that we have only five days left,” European Council President Donald Tusk told a news conference. “Until now I have avoided talking about deadlines, but tonight I have to say loud and clear that the final deadline ends this week."
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European Union leaders said the “No” vote in last Sunday’s referendum prevented them from making Greece new aid offers, warning that any new bailout deal would likely include harsher terms.
“I am strongly against Grexit (a Greek exit from the eurozone) but I can’t prevent it if the Greek government is not doing what we expected,” said the European Commission president, Jean-Claude Juncker. “We have a Grexit scenario prepared in detail: we have a scenario as far as humanitarian aid is concerned.”
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