Fed-Up EU Gives Greece an Ultimatum

Plans for Greek exit are now in place, leaders warn
By Rob Quinn,  Newser Staff
Posted Jul 8, 2015 5:08 AM CDT
Updated Jul 8, 2015 7:14 AM CDT
A tourist and child look at a storefront display of jewelry made from old drachma coins in the historic Plaka district of central Athens yesterday.   (AP Photo/Petros Karadjias)
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(Newser) – There have been plenty of meetings and plenty of deadlines over the years of the Greek debt crisis, but European Union leaders have never sounded so serious—and fed up—as last night, when Greece was ordered to deliver a workable plan for reforms in return for loans by the end of this week. "Tonight I have to say it loud and clear—the final deadline ends this week," European Council President Donald Tusk said after an emergency meeting of 19 eurozone leaders ended fruitlessly, per the New York Times. The BBC clarifies the recent timeline: After Greece didn't bring a proposal to the table yesterday as expected, a deadline of tomorrow night has been set for its proposal of which economic reforms it will institute in exchange for loans. On Sunday, EU leaders will again gather at a summit and decide, as the AP puts it, "whether the plan is good enough."

European Commission President Jean-Claude Juncker—who was "sputtering with rage," according to the Times—told reporters last night that plans for Greece exiting the eurozone have now been drawn up in detail. German Chancellor Angela Merkel says that after the "serious, candid discussion," she is not optimistic that a solution will be found, reports the BBC. Greek Prime Minister Alexis Tsipras seems to have been at a different meeting than everybody else: Reuters reports that he "sounded upbeat" after the summit, saying the talks had taken place in a "positive climate" and promising to deliver a plan quickly. Meanwhile, Greece this morning formally asked Europe's bailout fund for a three-year bailout, per the Wall Street Journal, which saw the letter Greece submitted. The Journal reports that the letter isn't very detailed on the measures Greece intends to implement; "the full list of overhauls and budget cuts is what will determine whether the application ... will be approved by the rest of the eurozone."

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