Eurozone Leaders Still at Loggerheads over Greece Bailout terms

Eurozone leaders have been discussing for hours a proposal under which Greece would have to rush emergency legislation through Parliament by Thursday at the latest in order to get a third bailout package.

Another option is "a time-out" from the euro area" as the document reads. Athens seems reluctant about the requirement to give EUR 50 B of valuable assets to a euro-body, which is part of the proposals made so far, and also about a "temporary Grexit" which it has completely ruled out ("100% no").

During a technical break in Eurozone talks, Greek Prime Minister Alexis Tsipras held a meeting with German Chancellor Angela Merkel, French President Francois Hollande and EU Council President Donald Tusk. Many sources described their meeting as "mental waterboarding" on Tsipras as he was reportedly told he should either accept the new proposals or prepare his country for a Grexit.

Eurozone members are split right down the middle on a potential Grexit, with nine (including Germany, Austria, Finland, and the Netherlands) declaring they are open to a Grexit scenario, five (incl. Portugal and Ireland) preferring to avoid it if possible, and four (France, Italy, Spain, and Luxembourg) categorically set against it.

The developments, with harsh conditions tied to a prospective new bailout, rapidly sent shockwaves to Athens, with many officials from the ruling leftist SYRIZA party opposing a vast number of the measures and quitting the party.

Meanwhile anti-austerity protests gathered in downtown Athens to demonstrate against the new bailout conditions, with some calling for Grexit according to the Greek Reporter.

Many EU leaders had been hoping for a deal on Sunday as the country's financial situation is deteriorating, at with capital controls in place the government is believed to be also running out of money in a matter of less than a day.

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