Here we go: Greek PM seeks "final exit" from crisis

[geek tragedy]

http://www.theguardian.com/world/live/2015/jul/07/greek-debt-crisis-alex-tsipras-seeks-last-chance-deal-live#block-559c4236e4b032a39a3bb134

All 28 EU heads of state are meeting on Sunday. Only 18 countries in the Eurozone. The only reason all 28 would need to be present is Greece leaving the Euro and maybe also the European Union.

[Comrade Grumpy]

1. Yes. From the crisis, not the Eurozone. n/t

[geek tragedy]

3. do you think "final exit" was an accidental choice of words?

The 12 non-Eurozone EU heads of state will be at the summit on Sunday. The only reason that would be necessary is a Grexit.

Also:

http://www.theguardian.com/world/live/2015/jul/07/greek-debt-crisis-alex-tsipras-seeks-last-chance-deal-live#block-559c48b9e4b00bdd2770864d

Note that the summit is viewed as something that will happen unless the Greeks manage to affirmatively state a proposal that the other countries accept (spoiler alert: they won't)

In other words:

That also suggests, though, that if the Summit does go ahead, it will be to discuss Greece’s exit from the single currency

Greece has been given 5 days to avoid getting kicked out of the Eurozone. And Tsipras--a career opposition bomb-thrower, not a dealmaker with any experience in governing--is talking about a "final exit" from the crisis.

[PoliticAverse]

2. No they seem to be meeting about a rescue...

See: http://www.democraticunderground.com/10026949679

"EU leaders will hold a further summit on Sunday to approve a plan to aid Greece if creditor institutions are satisfied in the meantime with a Greek loan application and reform commitments."

[geek tragedy]

5. there will either be a rescue or a fatality on Sunday

It all depends on Greece selling the Eurozone countries on its proposal.

Tsipras has no more time. He needs to cut a deal that will persuade the Eurozone countries to cut him a giant check. Any such proposal would include commitments to further austerity, privatization, and rollbacks of worker protections.

Think that's gonna happen for a guy who got elected promising that none of those things would happen?

EU leaders will hold a further summit on Sunday to approve a plan to aid Greece if creditor institutions are satisfied in the meantime with a Greek loan application and reform commitments.

"The ball is in Greece's court," Italian Prime Minister Matteo Renzi said. "Next Sunday the final meeting will take place on Greece ... I am not pessimistic."

German Chancellor Angela Merkel, who arrived saying there was still no basis for reopening negotiations with Athens, changed her tune in the room and was actively involved in efforts to find a last-ditch solution, euro zone sources said.

Merkel said she expected a formal loan request from Athens on Wednesday and more detail on how Greece would cooperate to make its economy more competitive on Thursday, in order to seek the approval of the German parliament to start negotiations.

"We all share responsibility for the euro," she said of the decision to invite all EU leaders on Sunday - a timetable she said reflected the danger of the situation and the urgent need for a solution.

Short-term finance could also be made available if the Greek government came up with satisfactory proposals and took "prior actions" in passing laws to convince creditors of its intent.

Austrian Chancellor Werner Faymann warned, however, that if there were no deal on Sunday, euro zone governments would have to prepare "Plan B" -- code for Greece losing all access to euros and so finding itself excluded from the currency area.

[PoliticAverse]

8. The Washington Post article is stronger on the exit scenario...

http://www.washingtonpost.com/world/with-greeces-fate-on-the-line-european-leaders-to-gather-for-critical-summit/2015/07/07/ca99ab8a-242d-11e5-b621-b55e495e9b78_story.html

[LittleBlue]

4. Good. The EU is just an unnecessary layer of pointless government

No fiscal or real federal legal power, yet a united currency? Pfff.

Better to go back to separate currencies and no EU. That way, countries can spend as they see fit in accordance with their own economic situations rather than a clunky one-size-fits-all approach.

[Marr]

6. Or to make it appear that way, to put pressure on the Greek government. /nt

[roamer65]

7. Greece would be smart to leave the Eurozone and the EU.

Just negotiate a fair trade agreement with the remainder of the EU. Return to the drachma and also declare all debt owed to be in drachma. That way banksters have a vested interest in not destroying the new currency.
The EU is a very undemocratic organization and Greece would be much better off managing its own affairs, with a government truly elected by the people.