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  1. European Union summit canceled so Greece talks can continue

European Union summit canceled so Greece talks can continue

European Union President Donald Tusk has decided to cancel a summit of the bloc's 28 leaders and instead center only on a summit of the 19 eurozone leaders to find a solution on Greece's bailout crisis.

By: | Published: July 12, 2015 2:50 PM
greece crisis

Greece has asked Europe’s bailout fund for a 53.5 billion-euro (.5 billion) 3-year financial package but many EU officials believe that won’t be enough. (Reuters)

European Union President Donald Tusk has decided to cancel a summit of the bloc’s 28 leaders and instead center only on a summit of the 19 eurozone leaders to find a solution on Greece’s bailout crisis.

In an early morning tweet, Tusk said the eurozone summit would start in mid- afternoon ”and last until we conclude talks” on Greece.

A full day of talks Saturday among the 19 finance ministers hardly brought the sides closer together, with ministers still distrustful over Greece’s ability to enact financial reforms

 

For the Greek bailout talks to be successful, European officials say it’s all about trust.

Greece will have another, possibly its last, chance Sunday to convince skeptical European creditors it can be trusted to enact wide-ranging economic reforms that would safeguard its future in the common euro currency used by 19 European nations.

The talks in Brussels resume at 11 a.m. (0900 GMT), just a few hours before the European Union’s 28 leaders descend for a summit.

The two sides negotiated for eight hours Saturday where Jeroen Dijsselbloem, the eurozone’s top official, says ”the issue of credibility and trust was discussed.”

Greece has asked Europe’s bailout fund for a 53.5 billion-euro ($59.5 billion) 3-year financial package but many EU officials believe that won’t be enough.

 

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