Commission President Jean-Claude Juncker made a last-minute offer to Athens in a bid to reach a bailout agreement before the deadline expires today (30 June), European Union and Greek government sources said.
Greek lawmakers on Sunday (28 June) authorised Prime Minister Alexis Tsipras' proposed 5 July bailout referendum, setting Greece on course for a plebiscite that has enraged international creditors and increased Greece's chances of exiting the eurozone.
No matter how desperate Greece's situation appears after its government suspended negotiations, Eurogroup President Jeroen Dijsselbloem left the door open Saturday (27 June) to avoid a Greek default next week.
Eurozone ministers on Saturday (27 June) rejected extending the Greek bailout programme, which expires on Tuesday (30 June). They said Prime Minister Alexis Tsipras reacted "negatively" by calling a referendum on the creditors' proposal and by recommending a 'No' vote.
The EU called an emergency eurozone summit next week after Greek debt talks ended Thursday without a deal, sparking warnings of an "accident" that could push Athens out of the euro if there is no breakthrough by the end of the month.
Default by debt-wracked Greece loomed dangerously closer after last-ditch talks between Athens and its EU-IMF creditors collapsed on Sunday (14 May), bringing the threat of a Greek exit from the euro closer than ever.
A planned meeting between the leaders of Germany, France, and Greece today (10 June) is in doubt after Greece's reform proposals to unlock new funding to ward off a debt default fell well short, European Union officials said.
Greece warned Sunday it has no money to repay the International Monetary Fund on time in June unless a deal is reached with its creditors, in a stark warning that the country could be just days away from defaulting.
Greece has been invited to become a member of the development bank of the BRICS economies, including Russia and China, which is seeking to become a counterweight to the IMF, a move welcomed by Prime Minister Alexis Tsipras as "a happy surprise".
Greece and its European creditors are finally making progress only days after combative Finance Minister Yanis Varoufakis was effectively sidelined from talks on its enormous debt, EU sources said Sunday (3 May).
Greece's government is considering selling stakes in its two largest ports as a concession to reach an agreement with its lenders and unlock bailout funds, a government official said yesterday (29 April).
Prime Minister Alexis Tsipras will meet German Chancellor Angela Merkel on the sidelines of an EU summit in Brussels Thursday (23 April), the eve of a crucial meeting of eurozone finance ministers to assess progress made by Athens in its reform pledges.
Top European officials and Greece's finance minister were forced to play down fears on Thursday (16 April) that the country was poised to exit the eurozone, after the IMF rejected suggestions that Athens would postpone loan repayments.
Germany's finance minister said yesterday (15 April) that there was no prospect of the eurozone reaching a deal with Athens next week on economic reforms that would unlock bailout funds, potentially leaving Greece perilously short of money.
Greek Finance Minister Yanis Varoufakis has called on the European Union to reform its institutions and use the EIB to boost investment in Greece. He believes the EU should address the structural inequalities that plague its weakest members. EURACTIV France reports.