A Financial Times report says that France and Germany have told Greece it must have an agreement on economic reform measures with the trio of bailout monitors finalised and delivered before a crucial leaders’ summit between Athens and its creditors on Monday.
With the Greek cabinet meeting on Sunday to consider compromise proposals, François Hollande and Angela Merkel both telephoned Alexis Tsipras, the prime minister, to remind him he needed a “staff level” agreement with the European Commission, IMF and ECB ahead of the summit.
They told him the summit was not for “negotiations” — which anyway would be all but impossible in a forum including all 19 eurozone members — and urged him to reach a deal with the institutions. EU officials and bankers have warned that the failure to reach a deal on Monday could lead to a Greek default on its debts and even force its exit from the eurozone.
If a deal is reached, the two leaders said the parties could then start discussing a third bailout at the summit. France is believed to be open to discussing debt restructuring for Athens, a top priority for Mr Tsipras, whose radical leftwing government won office in January setting Greece on a collision course with its creditors.