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Greecedebtcrisis:'Nonewplan'aseurozoneleadersmeet
7July2015 Europe

Greekbanksremainclosedandthereisa60dailylimitoncashmachinewithdrawals

TheeurozonesaysGreecehassubmittednonewproposalstosecureadealwith
creditors,aheadofakeymeetingofthegroup'sleadersinBrussels.
IthadurgedGreecetosubmitfreshplansafteritspeoplerejectedadraftbailoutinareferendum.
Greecesaidithadproposedafewchangesandthatitwantedadealbasedon"themandateof
thereferendum".
Thelackofanewplanangeredsomeeurozonemembers,withGermanysayingtherewas"still
nobasis"fortalks.
Greecedebtcrisis:Latestupdates
TheGreeksidegaveapresentationonTuesdayataeurozonefinanceministers'meeting,
whichprecededtheleaders'summit.However,therewasnonewwrittenplan.
TheGreekgovernmentsaid:"Today'sEurogroupwasnotsupposedtotakedecisionsbutrather
prepareforthesummit."

GermanChancellorAngelaMerkelstressesthatonlydaysarelefttosecureadeal

Itsaidproposalsithadmadelastweekwerestillonthetablewitha"fewchanges"andthey
wouldbediscussedlateronTuesdayandonWednesday.
EurogroupheadJeroenDijsselbloemsaidGreecewouldbesendinganewletterrequesting
shorttermsupportfromtheEuropeanStabilityMechanism(ESM),apotofmoneysetupin2012
tofundeurozonemembersinfinancialdifficulties.
HesaidtheEurogroupwoulddiscussthisonWednesdaybutthatcreditorswouldhavetolook
atGreece'sfinancesanddebtsustainabilitytosee"ifwecanformallystartthenegotiations".
All19eurozonememberswouldhavetoagreetoanESMloan.Asavotewouldalsohavetobe
passedintheGermanparliament,Greecewouldneedanemergencybridgingloaninthecoming
daystotideitover.
NewGreekFinanceMinisterEuclidTsakalotosinsistedtherehadbeen"progress"inthetalks.
GreekPMAlexisTsiprasmetGermanChancellorAngelaMerkelandFrenchPresident
FrancoisHollandeseparatelybeforetheleaders'summit.

Analysis:RobertPeston,BBCeconomicseditor
AlexisTsiprasstandsbythelettershesentaweekagotothecountry'screditorssettingoutthe
30bnofadditionalloansthecountryneedsoverthenextthreeyearstopaymaturingdebts,
amendingthecreditorsproposedpensionandVATreforms,andaskingforinvestmentfromthe
poolofmoneycreatedbyJeanClaudeJuncker,EuropeanCommissionpresident.
MrTsiprasalsowantsawritedownofthecountry'smassivedebtsequivalentto180%ofGDP
ornationalincomeandaresumptionbytheEuropeanCentralBankoflifeordeathemergency
lendingtobanks.

Ortoputitanotherway,verylittleofsubstancehaschangedintheGreekpositionoverthelast
fewdays.
WhichiswhyGermanChancellorAngelaMerkelisnotexudingoptimismthatawaycanbe
foundtoavertthecatastropheofthecollapseofGreece'sbankingsystem,anditsexitfromthe
euro.
ReadmorefromRobert

TheresultofthereferendumhadsparkedfearsofaGreekexitfromtheeurozoneandthelack
ofanewwrittenplanwascriticisedbysomeinthegroup.
MrsMerkelsaidasshearrivedfortheleaders'summit:"Westilldonothavethebasisfor
negotiations...itisnotaquestionofweeksanymore,butaquestionofafewdays."
Malta'sPrimeMinisterJosephMuscatsaidtheleaders'summitwaslookinglikea"wasteof
time".
HisDutchcounterpart,MarkRutte,said:"ItisreallyuptotheGreekgovernmenttocomeup
withfarreachingproposals.Iftheydon'tdothat,thenIthinkitwillbeoverquickly."

Analysis:GavinLee,BBCNews,Europereporter

MrTsakalotosaccidentallyrevealedhisnotesonhotelpaperonTuesday

ThefirstfulldayatworkforGreekfinanceminister,EuclidTsakalotos,andhe'salreadyfound
outwhatit'sliketoslipupwiththepaparazzi.MrTsakalotoswasphotographedwithscribbled
notesinhand,facesideupprivatenotesnowopentopublicscrutinyonsocialmedia.
ThescribblednoteswritteninEnglish,convenientlyforthepressmaynotbelegibleenough
tomakefullsenseofhisopeninggambitbuttheycertainlyrevealthetone.Thewords'no
triumphalism'canbedeciphered,attentionisdrawnto'AT'presumablyAlexisTsipras'
messageonthenightofthereferendum,andthere'salsoreferencetotheproposalsbeing
rejected"mostlyonviabilitygrounds".
Theremaybegraphologistsalreadystudyinghiswritingtogetasenseofthemannowakey

playerindeterminingthefutureofGreece.Intheinterim,MrTsakalotosmaynowbescribbling:
"Notetoself:keepcardsclosetochest."
Showingyournotes:Othernotablegaffes

AlexisTsipras(left)stayspositiveashemeetsothereurozoneleaders

MrHollandeandItalianPrimeMinisterMatteoRenzihavebeenmorehopefulofadeal.
ButMrHollandesaidGreecehadtomake"serious,credibleproposals",adding:"Weneed
speed.It'sthisweekthatthedecisionshavetobetaken."

WhatistheEuropeanStabilityMechanism(ESM)?
Eurozone'sonlypermanentbailoutfundfinancedbyall19memberstates
LaunchedinOct2012,totallendingcapacityis500bn(355bn$552bn)
Onlylendsifborrowingcountryagreestofulfilstricteconomicconditions
ESMmadeloanstorescuebanksinSpain(41.3bn)andCyprus(9bn)
GermanyisbiggestESMcontributor(190bn)
WhatistheESM?
Eurozonedecisiondowntopolitics

MrTsipraswilladdresstheEuropeanParliamentonWednesday,aGreekgovernmentsource

said.
HehasbeenreportedtowantGreece'svast323bn($356bn228bn)debttobecutbyupto
30%,witha20yeargraceperiod.
GermanyhaswarnedagainstanyunconditionalwriteoffofGreece'sdebt,amidfearsitwould
destroythesinglecurrency.
Greece'steeteringbankshavebeenshutsincethelastinternationalbailoutprogrammeexpired
lastTuesday.Oneminister,GeorgeKatrougalos,saidtheywereunlikelytoreopenthisweek.

JeanClaudeJunckertoldtheEuropeanParliamenthewastextingtheGreekPM,after
complaintsabouthisphoneuse

TheEuropeanCentralBank(ECB)ismaintainingitspressureonthebanks,refusingtoincrease
emergencylendingandorderingthemtoprovidemoresecurityforexistingemergencyloans.
Capitalcontrolshavebeenimposed,withpeopleunabletowithdrawmorethan60adayfrom
cashmachines.
TheEuropeanCommissiononeofthe"troika"ofcreditorsalongwiththeIMFandtheECB
wantsAthenstoraisetaxesandslashwelfarespendingtomeetitsdebtobligations.
Greece'sSyrizaledleftwinggovernment,whichwaselectedinJanuaryonanantiausterity
platform,saidcreditorshadtriedtousefeartoputpressureonGreeks.

WhatarethescenariosforGreece?

Whathappensnext?

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