The Latest: Eurozone Works to Keep Greece in Euro, Official

The latest from Greece's financial crisis (all times local):


1:10 p.m.

A European official says Greece's European creditors are seeking a deal that would relieve the pressure on the Greek banks that face an acute liquidity crunch as soon as Monday.

The official, who is close to the negotiations, said leaders from the 19-country eurozone are focused on "plan A" that involves Greece living up to its obligations and staying in the euro.

The official, who spoke on condition of anonymity because he was not authorized to speak publicly, said eurozone leaders hope to issue a statement that would pave the way for the formal for the start of Greek bailout negotiations. The leaders are due to meet later.

That, the official added, would give the "green light" to the European Central Bank to turn up the emergency liquidity assistance it provides to Greek banks.

--- By Menelaos Hadjicostis in Brussels.


12:40 p.m

The head of France's governing Socialist Party is appealing to other left-leaning parties in Europe to push for a deal to save Greece's economy.

French Socialist leader Jean-Christophe Cambadelis in particular urged Germany's Social Democrats, the junior partners in Chancellor Angela Merkel's coalition government, to push toward a compromise deal.

Cambadelis, who leads the management of President Francois Hollande's Socialist Party, said in a statement that Europeans "do not understand the German over-reaction."

France has been the staunchest ally of Greece's radical left government in recent months. It's urging a deal on the grounds that it's crucial for Greece but also for overall European unity and the Franco-German relationship that underpins it.

Germany, by contrast, has taken a far tougher stance and is urging strict conditions on any Greek bailout deal that may emerge.


12:00 p.m.

If the Greek legislators thought they had done enough by approving the tough austerity proposals of Prime Minister Alexis Tsipras, they had better think again.

Pierre Moscovici, the European Union's top economy official says the Greek government has to "do more — in the short- and the mid-term."

The Greek government is coming under pressure to enact legislation swiftly, possibly within the next few days, on economic reforms to assuage concerns of creditors that it can't be trusted to deliver what it says in return for billions of euros of bailout cash.

"The deal needs to be ambitious at an economic level and realistic at a political level," Moscovici said.

The meeting of the eurozone's 19 finance ministers will be followed one of the leaders.


11:50 a.m.

Finnish Prime Minister Juha Sipila denied his government had been on the verge of collapse over disagreements on a Greek bailout among coalition members.

On Saturday, when finance ministers from across the 19-country eurozone, there were reports coming out of Finland that the government was being pressured by the Finns Party which has previously advocated a Greek exit from the euro.

"Absolutely not, no way. You're living in a world of rumors," Sipila told reporters in Helsinki on Sunday. "The government took a totally united stand."

Finland has refused to reveal its position on Greece publicly for tactical reasons.

The head of the Finns Party, Foreign Minister Timo Soini, refused to comment on the Greek question saying that the pledge of secrecy made by government members will stand.

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