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Greece Gets Until July 12 For Plan To Stave Off Collapse


Greeks Celebrate Referendum Result
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Greeks Celebrate Referendum Result

Frustrated and angry European leaders gave the Greek prime minister a last-ditch chance to come up with sweeping reforms to save his country from financial ruin.

When Alexis Tsipras failed to present them with a detailed reform blueprint at a meeting July 7, the leaders reluctantly agreed to a final summit July 12 and authorized the European Central Bank to provide liquidity for Greek's failing banks only until that date.

European Council President Donald Tusk called all 28 EU leaders to attend the Brussels meeting because of its gravity for the bloc -- "maybe the most critical moment in our history," he said.

"It's not just the problem of Greece — it's the future of the European Union," said French President Francois Hollande.

Highlighting the rising anger with Tsipras over months of foot-dragging, European Commission President Jean-Claude Juncker warned: "We have a Grexit scenario, prepared in detail."

He was referring to the increasing possibility that Greece will be forced out of the currency union.

"We are no longer talking about weeks but very few days," said German Chancellor Angela Merkel.

Based on reporting by AP and Reuters