Greek crisis: EU's ultimatum to Greece to come up with "credible proposals".
Germany and France have called upon Greece to make in-depth proposals to inject life into the failing bailout talks,days after Greek voters decisively rejected the creditors' demands for more austerity,This has plunged Europe into further crisis.
French President Francois Hollande after talks in Paris with German Chancellor Angela Merkel said that the door is open to discussion and that the ball is in Alexis Tsipras's court to come up with seriously credible proposals that last.The authorities have extended bank closure until Thursday fearing further runs on savings by depositors that have rendered cash machines dry.
The Greek lenders have been kept afloat by the European Central Bank with a help of a slender financial lifeline to Greek banks.Greek Prime Minister Tsipras has dashed off to Brussels to present his proposals to a hastily-called emergency summit of 19 Eurozone countries.
Many Athenians came face to face on Monday with the harsh reality of closed banks and serpentine queues at ATM machines where their daily withdrawal limit has been slashed to a meager 60 euros($67).
It may be mentioned at this point that Greece last week failed to pay an installment of $1.8 billion to the IMF (International Monetary Fund).
Despite that, it surprised may to hear Christine Lagarde, the managing director of the IMF, say that she was willing to help Greece out of the mess if called upon to do so.
Tsipras's is of the opinion that an alternative to a Grexit (exit of Greece from the European Union) is the restructuring of the country's mountainous debt of 240 billion euro ($267bn) to them
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