Greece Fails to Offer New Bailout Plan

Tuesday’s emergency summit meeting between Greek and European leaders in Brussels appears to have gone disastrously. Europe’s authorities blasted the Greek government’s failure to present a written bailout proposal and demanded it come back with a detailed plan Thursday or face bankruptcy. “The stark reality is that we only have five days to find the ultimate agreement,” said European Council President Donald Tusk. “Until now, I have avoided talking about deadlines. But tonight I have to say it loud and clear—the final deadline ends this week.” European Commission President Jean-Laude Juncker of Luxembourg also announced Tuesday that Europe already has detailed plans for Greece’s exit from the eurozone and for delivering humanitarian aid to Athens. Greek Prime Minister Alexis Tsipras, meanwhile, called the meeting “positive.” Greece is expected to submit a formal request Wednesday for a two-year loan program, with reform commitments detailed Thursday. EU leaders would then meet Sunday to determine Greece’s future.