Greece's Next Crucial Step: a 6pm Meeting in Brussels
Greek PM Alexis Tsipras will present proposal to EU leaders
By Kate Seamons,  Newser Staff
Posted Jul 7, 2015 7:11 AM CDT
In this July 3, 2015, file photo, a demonstrator raises his hand with the word ''no'' written on it as a Greek flag waves behind him during a rally organized by supporters of the "no" vote.   (AP Photo/Petros Giannakouris, File)
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(Newser) – The referendum was a "no," Finance Minister Yanis Varoufakis is out, Euclid Tsakalotos is in ... so where does Greece find itself today? Walking into an emergency summit of EU leaders. The latest:

  • So what is that summit all about? It was arranged following Sunday's vote and will bring EU leaders together at 6pm local time in Brussels. The Guardian paints it as "one of the last real chances for a deal to stop Greece crashing out of the euro."
  • What France and Germany want: For Greece to show up to the table with "serious and credible proposals," per a statement the countries released. How Angela Merkel frames things: "It is urgent to have these proposals so we can find a way out of this situation."

  • Are the two a united front? Nope. The New York Times sees a "growing rift" among the continent's leaders, with Germany seen as less willing to bend to make a deal happen. "I really hope that the Greek government ... will accept that the other 18 member states of the euro can't just go along with an unconditional haircut," said German Economy Minister Sigmar Gabriel.
  • About that haircut ... : The BBC reports PM Alexis Tsipras will likely ask for as much as a 30% haircut on Greece's $356 billion debt.
  • What else Greece wants: Per the Times, "immediate help to keep the banks afloat, quick economic aid to tackle unemployment, and new bailout money to cover current debt obligations."
  • How things look: If you're taking the temperature based on comments made today by European Commission President Jean-Claude Juncker, there will be no miracle tonight. "We must try and find a solution. It can't be done today—that would be [too] simplistic."
  • How things look, II: The BBC's assessment: "The best that can be said is that it could go either way."
  • What's one date to keep in mind? July 20. That's when Greece is due to repay $3.8 billion to the European Central Bank. If it doesn't happen, the Guardian predicts "the ECB would most likely declare its banks insolvent, cut off all emergency aid, triggering a swift euro exit."