Greece debt crisis: EU hold summit

greeceGreece faces a critical 24 hours as European leaders hold an emergency summit that could break the deadlock around the country’s debt crisis. Greek PM Alexis Tsipras said at the start he hoped Greece would “return to growth within the eurozone”. In separate comments, he also ruled out pension cuts, higher power rates, and an excessive budget surplus.

On Sunday, he set out new proposals to try to prevent a default on a €1.6bn (£1.1bn) IMF loan. One European official said the proposals held plenty of promise.

Mr Tsipras said Greece wanted to “return to growth within the eurozone [coupled] with social justice”, adding it was “time for a substantial and viable solution”.

Greece must repay the loan by the end of June or risk crashing out of the single currency and possibly the EU.

Talks have been in deadlock for five months. The European Commission, the IMF and the European Central Bank (ECB) are unwilling to unlock the final €7.2bn tranche of bailout funds until Greece agrees to economic reforms.

Medaram Jathara

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