The Latest: Hollande Says to Do All He Can to Avoid Grexit

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


3:25 p.m.

French President Francois Hollande said he's going to do everything that he can to keep Greece in the euro.

Arriving for an emergency summit of eurozone leaders in Brussels, Hollande said "France is going to do everything to reach an agreement tonight."

He said it wasn't just Greece's future that's at stake.

"It is Europe that is at stake," he said.

Hollande also sought to douse any talk that a temporary Greek exit from the eurozone is possible. Greece is either in or out, he said.

The latter would be a retreat for Europe, said Hollande.


3:05 p.m.

Greek Prime Minister Alexis Tsipras says he's ready for a compromise deal with European creditors and that an agreement later Sunday is possible if "all parties want it."

Arriving for an emergency meeting of the 19 leaders of the eurozone in Brussels, Tsipras said Europeans want to see Europe "united and not divided."


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.

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