Eurozone Emergency Summit

The terms imposed by international lenders led by Germany in all-night talks at an emergency summit obliged leftist Prime Minister Alexis Tsipras to abandon promises of ending austerity and could fracture his government and cause an outcry in Greece.

Eurozone leaders told near-bankrupt Greece at an emergency summit on Sunday that it must restore trust by enacting key reforms before they will open talks on a new financial rescue to keep it in the European currency area.

German Chancellor Angela Merkel said Tuesday that there was still no basis for talks on a new Greek bailout, as she arrived in Brussels for an emergency summit of eurozone leaders.

Greece faces a last chance to stay in the euro zone today when Prime Minister Alexis Tsipras puts proposals to an emergency euro zone summit after Greek voters resoundingly rejected the austerity terms of a defunct bailout.

As the country's economy gasps for air, with banks closed until at least Thursday on fears cash machines are running dry, Germany and France presented a united front, calling on Tsipras to make "precise" proposals in a bid to revive bailout talks.

The special meeting comes as Brussels reels with the implications of what the head of the Eurogroup of finance ministers from the 19-country block, Jeroen Dijsselbloem, called a "very regrettable" decision.

Eurozone nations will hold an emergency summit on Tuesday to discuss the Greek referendum "No" result after the German and French leaders called for a meeting, EU president Donald Tusk said.

Greek Prime Minister Alexis Tsipras has cancelled a planned address to the Council of Europe, the Strasbourg-based body said today as eurozone leaders were set to hold an emergency summit on a deal deal for cash-strapped Athens.

French President Francois Hollande insisted on Friday that 'everything' must be done to seal a compromise on the Greek debt crisis before an emergency Eurozone summit in Brussels Monday.

Eurozone finance ministers will try again today to break a deadlock over Greece's urgent need for further financing but it may take an emergency summit of the currency bloc in the coming week to clinch any deal.

As G-20 leaders meet in the shadow of an ailing global economy and lingering Eurozone crisis, Prime Minister Manmohan Singh is expected to ask the European partners to come up with swifter solutions so that the economic growth of emerging markets like India is not trapped under its adverse impact.

The terms imposed by international lenders led by Germany in all-night talks at an emergency summit obliged leftist Prime Minister Alexis Tsipras to abandon promises of ending austerity and could fracture his government and cause an outcry in Greece.

Eurozone leaders told near-bankrupt Greece at an emergency summit on Sunday that it must restore trust by enacting key reforms before they will open talks on a new financial rescue to keep it in the European currency area.

German Chancellor Angela Merkel said Tuesday that there was still no basis for talks on a new Greek bailout, as she arrived in Brussels for an emergency summit of eurozone leaders.

Greece faces a last chance to stay in the euro zone today when Prime Minister Alexis Tsipras puts proposals to an emergency euro zone summit after Greek voters resoundingly rejected the austerity terms of a defunct bailout.

As the country's economy gasps for air, with banks closed until at least Thursday on fears cash machines are running dry, Germany and France presented a united front, calling on Tsipras to make "precise" proposals in a bid to revive bailout talks.

The special meeting comes as Brussels reels with the implications of what the head of the Eurogroup of finance ministers from the 19-country block, Jeroen Dijsselbloem, called a "very regrettable" decision.

Eurozone nations will hold an emergency summit on Tuesday to discuss the Greek referendum "No" result after the German and French leaders called for a meeting, EU president Donald Tusk said.

Greek Prime Minister Alexis Tsipras has cancelled a planned address to the Council of Europe, the Strasbourg-based body said today as eurozone leaders were set to hold an emergency summit on a deal deal for cash-strapped Athens.

French President Francois Hollande insisted on Friday that 'everything' must be done to seal a compromise on the Greek debt crisis before an emergency Eurozone summit in Brussels Monday.

Eurozone finance ministers will try again today to break a deadlock over Greece's urgent need for further financing but it may take an emergency summit of the currency bloc in the coming week to clinch any deal.

As G-20 leaders meet in the shadow of an ailing global economy and lingering Eurozone crisis, Prime Minister Manmohan Singh is expected to ask the European partners to come up with swifter solutions so that the economic growth of emerging markets like India is not trapped under its adverse impact.