Wolfgang Schauble reportedly rejects Greece’s new austerity measures, favouring a “temporary” Grexit as creditors demand even more austerity from Greece,
"Even if #Tsakalotos chopped down his arm, #Schaeuble would say it's not enough". Words of a European official for today's #Eurogroup
— Nikos Sverkos (@nikos_sverkos) July 11, 2015
Here’s our wrap of events from another incredible night which has pushed Greece ever closer to a eurozone exit.
The German government has begun preparations for Greece to be ejected from the eurozone, as the European Union faces 24 hours to rescue the single currency project from the brink of collapse.
Nine hours of acrimonious talks on Saturday night, saw finance ministers fail reach an agreement with Greece over a new bail-out package, accusing Athens of destroying their trust. It leaves the future of the eurozone in tatters only 15 years after its inception.
In a weekend billed as Europe’s last chance to save the monetary union, finance ministers will now reconvene on Saturday morning ahead of an EU leaders’ summit later in the evening, to thrash out an agreement or decide to eject Greece from the eurozone.
Should no deal be forthcoming, the German government has made preparations to negotiate a temporary five-year euro exit, providing Greece with humanitarian aid and assistance while it makes the transition.
A plan drafted by Berlin’s finance ministry, with the backing of Angela Merkel, laid out two stark options for Greece: either the government submits to drastic measures such as placing €50bn of its assets in a trust fund to pay off its debts, and have Brussels take over its public administration, or agree to a “time-out” solution where it would leave the eurozone.
Source: The Guardian