France will do all it can to keep Greece in the eurozone, because allowing it to leave would be too risky, Prime Minister Manuel Valls has said. “The basis for a deal exists,” he said ahead of an emergency eurozone summit. However, Germany has warned against any unconditional debt write-off. Eurozone ministers have called on Greece to put forward fresh proposals after Greek voters rejected the latest draft bailout deal in a referendum. Greek Prime Minister Alexis Tsipras met Greek political party leaders on Monday and headed to Brussels on Tuesday morning, where he is expected to present new proposals.
His plan is said to include a demand for Greece’s vast €323bn ($356bn; £228bn) debt to be cut by up to 30%. Greece’s teetering banks are to stay closed on Tuesday and Wednesday. The European Central Bank (ECB) is maintaining its pressure on the banks, refusing to increase emergency lending and ordering them to provide more security for existing emergency loans.