Eurozone crisis live

Greek debt crisis: Tsipras gets ultimatum to reach deal or face Grexit - as it happened

On Sunday, European leaders will meet for a summit that will decide whether Greece gets another bailout or leaves the eurozone
Updated 
Greek Prime Minister Alexis Tsipras has been given one last chance to reach a deal
 Greek Prime Minister Alexis Tsipras has been given one last chance to reach a deal Photograph: Laurent Dubrule/EPA
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OK, that really is all for today. 
Do check out my most recent summary, after a dramatic evening in which Greece was given just five days to reach a deal or face exit from the Euro.
Here’s Ian Traynor’s take:
Here’s how other news outlets are reporting it:
We’ll be back on Wednesday morning. Thanks for reading, and for your help. Goodnight! GW
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The final moment of truth is approaching quickly for Greek Prime Minister Alexis Tsipras, says analyst Wolf Piccoli of Teneo Intelligence.
Athens has until Sunday to agree with its lenders on a credible reform agenda so as to start negotiations for a new ESM program and potentially some bridge financing until talks are concluded and parliamentary sign-off has been achieved. 
If the Sunday deadline is missed, Grexit will materialize.
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We have the best readers in the business, I tell you.
Regular contributor equusmulusoctopus has kindly translated Alexis Tsipras’s statement into English, after I posted the Greek video here.
User avatar for equusmulusoctopus
ATL: Here’s a videoclip of Alexis Tsipras’s statement following tonight’s summit (no English translation, sorry)
Here's the translation:
The Greek government has submitted today, to the eurogroup as well as to the summit of eurozone leaders, the Greek proposals, such as they have been formed as a national strategy, by yesterday's conference of the political leaders. Fundamental goal is an agreement which is socially just and economically sustainable for Greece, and also for the eurozone. This framework includes credible reforms with social justice as the criterion, includes on the other hand in return a committement to an adequate covering of the financial needs of the country in the medium term, a strong investment package, a package of investments to cope with the big problems, mainly the problem of unemployment, as well as the initiation of a meaningful discussion on the necessary restructuring of the debt.
The discussion took place in a positive atmosphere, the procedure will be fast, it will be very rapid, it is beginning in the next hours, with the goal of having reached a result by the end of the week at the latest. 
[Unintelligible question from journo about Grexit. Possibly "They talk about Grexit"]
The Greek side will continue the effort having as a strong weapon the verdict of the Greek people which was clear, the will of the overwhelming majority of the Greek people for a viable agreement that will put an end to this discussion, to which you just referred, once and for all, and will give a prospective of a definite end to the crisis. I am glad, ehm, to say, that by the statements of my colleagues I realise that they all understand, that we do not have a Greek problem, but a European problem to which we are called to give a solution to all together, with responsibility. Thank you very much.
We couldn’t manage without you all.
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Another long night for the Brussels press pack:
— Jennifer Rankin (@JenniferMerode)July 7, 2015
Leaving #eurosummit where Greece was set deadline of five days to agree deal or #grexit pic.twitter.com/B4hFRfED6Q
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Jill Treanor 
Jill Treanor
Alistair Darling, the former Chancellor of the Exchequer, told bankers assembled in the Mansion House tonight that the situation in Greece could have repercussions for the UK’s continued membership of the European Union.
“The longer this goes on, [given] the signals it sends to the world about the eurozone and the European Union ...the more risk is the contagion will spread” on both political and economic terms, said Darling, adding:
“People might think this isn’t a great success ... and we may be tempted when we have our referendum ... to say that we may want to leave”.
Speaking at the annual dinner of the British Bankers’ Association, he urged campaigners in the UK’s referendum not to dwell on migration. 
Darling was a key figure in the Scottish referendum but stood down as an MP at the general election. He urged business leaders to speak out Europe; they were slow to do so in the Scottish referendum. 
And ahead of the budget on Wednesday where there is speculation that George Osborne may signal a review of the bank levy, Darling told the bankers:
“The Chancellor needs money. (The industry) is an easy place to go”. 
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Donald Tusk didn’t just blame Greece for the crisis, points out my colleague Ian Traynor. 
— Ian Traynor (@traynorbrussels)July 7, 2015
#greece funny thing is @eucopresident is having a go at merkel et al too
As covered here, Tusk spoke of ‘All sides of the negotiations’ sharing responsibility for this mess.
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Summary: It's deal or Grexit

We’ve seen so many deadlines come and go since the Greek debt crisis began. But tonight, I really believe we’re rattling towards a crucial decision.
Europe has given Athens one last chance to produce a credible economic reform plan that could underpin a new bailout. It has also threatened that Greece will leave the eurozone if it doesn’t comply before Sunday, when a new emergency summit will be held.
Speaking after tonight’s eurozone summit, European Council president Donald Tusk warned gravely that the next five days are the most critical in the European Union’s history.
He has called all 28 European leaders to Brussels on Sunday, which could be the moment that Greece begins to leave the Euro.
European Commission President Juncker and European Council President Tusk arrive at a news conference in Brussels.
 European Commission President Juncker (left) and European Council President Tusk arrive at tonight’s news conference in Brussels. Photograph: Yves Herman/Reuters
Tusk warned:
Our inability to find agreement may lead to the bankruptcy of Greece and the insolvency of its banking system. And for sure, it will be most painful for the Greek people.
I have no doubt that this will affect all of Europe, also in the geo-political sense.
If someone has any illusion that it will not be so, they are naive.
The stark reality is that only have five days to find the ultimate agreement.
— Ed Conway (@EdConwaySky)July 7, 2015
Famous last words, but of all the supposed final deadlines thrown down by the Eurogroup, this one does seem like the most final #Greece
Commission president Jean-Claude Juncker revealed that Europe now has a “detailed” Grexit plan, suggesting a serious risk that Greece’s membership of the single currency is in doubt.
Juncker said:
I am strongly against Grexit but I can’t prevent it unless the Greek government do what they need to do. We have a Grexit scenario prepared in detail; we have a scenario as far as humanitarian aid is concerned.”
— Lorcan Roche Kelly (@LorcanRK)July 7, 2015
Juncker never watched Fight-club then?
A series of other eurozone leaders have added their weight to Tusk’s warning.
French President Francois Hollande said.
“It’s not just the problem of Greece [at stake], it’s the future of the European Union”
Italy’s Mattei Renzi said he was “not pessimistic” of a deal, adding:
“We’ll see if on Sunday this issue will be solved once and for all,” 
But Germany’s Angela Merkel warned that Greece has not yet done enough to begin talks about a new bailout. Sunday’s summit has been called, she said, “because we think the situation is so dangerous”. 
Alexis Tsipras, the Greek PM who arrived in Brussels with the backing of most Greek political parties, now faces the unpalatable option of signing up to a deal similar to the one that was rejected by the Greek people on Sunday.
Greek Prime Minister Alexis Tsipras leaves at the end of an Eurozone summit
 Greek Prime Minister Alexis Tsipras leaves tonight’s summit. Photograph: Laurent Dubrule/EPA
Tsipras remained optimistic, though, telling reporters:
“The discussion was held in a positive atmosphere. The process will be fast, it starts in the coming hours with the aim of concluding it by the end of the week, at the latest.
“The Greek side will continue the effort, having the strong weapon of the Greek people’s verdict ... the vast majority’s will for a viable agreement to end the discussion (about a Grexit) and offer the prospect of finally exiting the crisis.” 
Earlier in the evening Tsipras had presented his case for a new bailout to EU leaders, raising hopes that a deal was still possible. It still is, but the consequences of failure have never been quite this clear.

So what happens next?

On Wednesday morning, Greece must resubmit a modified bailout request to the Eurogroup of finance ministers. They will then discuss it on a conference call.
And Tsipras is due to appear before the European Parliament on Wednesday morning, at 9am Brussels time (8am BST).
And the political reaction in Athens will also be crucial.
Updated 
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Here’s a videoclip of Alexis Tsipras’s statement following tonight’s summit (no English translation, sorry)
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There is a glimmer of a possibility that Sunday’s summit may yet be cancelled, from the leaders of Luxembourg and Austria:
That also suggests, though, that if the Summit does go ahead, it will be to discuss Greece’s exit from the single currency.
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The Austrian leader also criticised Tsipras’s decision to call a referendum on Sunday:
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