The Latest: Temporary Greek Euro Exit up for Discussion

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


6:20 p.m.

A temporary Greek exit from the euro is up for potential discussion at this evening's summit of the eurozone's 19 leaders.

At the conclusion of a 4-page draft document of proposals put to leaders and obtained by The Associated Press, eurozone finance ministers said Greece should be offered "swift negotiations on a time-out from the euro area with possible debt restructuring" if no bailout deal is agreed.

The measure of a potential temporary Greek exit was bracketed in the document, meaning that it was passed to leaders for their consideration.

In the document that shows that Greece has moved a long way to meeting creditors' demands, the so-called eurogroup said the country may need between 82-86 billion euros ($91-96 billion) in financing.


6:05 p.m.

Russia says it is considering supplying energy directly to the government of Greece, where doubts have been raised about the ability of Greek state-run companies to pay for imports of oil and natural gas.

The state-run companies were ordered to put their reserves into a central account, which the state has been using to cover expenses such as salaries and pensions as liquidity ran out in the country.

Russian Energy Minister Alexander Novak said Sunday that Russia intended to support the recovery of the Greek economy by widening cooperation in the energy sector. In connection with this, he said Russia was studying options for direct supplies to the Greek government and hoped to reach an agreement in the next few weeks.

Greece imports the vast majority of its gas from Russia.


5:10 p.m.

Italy's premier says Europe needs to deal with the Greek crisis once and for all and move on to other pressing problems confronting the continent.

Matteo Renzi said on his arrival for an emergency summit of the eurozone's 19 leaders that "there's a great need for Europe to go back to do what it needs to do" and tackle issues.

He highlighted the uncertain situations in Libya and Ukraine as well as the terror attack on Italy's consulate in Cairo and the Iran nuclear talks.

He said Europe risks "losing the trust" of its citizens if it can't grapple with these issues effectively.

Renzi said differences between Greece and its creditors "are not just details," but that the distance between the two sides "has been greatly shortened."


4:40 p.m.

One of Greece's most outspoken critics, Finnish Finance Minister Alexander Stubb says bailout discussions with the country have taken "a good leap forward."

Following two days of talks between the Greek finance minister and his peers in the 19-country eurozone, Stubb says a package of proposals have been sent to leaders for discussion at their emergency summit meeting in Brussels.

Stubb says they involve three key elements, including the Greek parliament's passing of a series of unspecified laws by Wednesday.

If these conditions are met, then talks with Europe's bailout fund can proceed, said Stubb.

Stubb refused to comment on whether Greece would get some immediate financing to help its banks reopen. "One day at a time, one step at a time," he said.


4:20 p.m.

Jeroen Dijsselbloem, the eurozone's top official, says discussions over a Greek bailout request have come a long way but that some thorny issues remain which leaders will address later at a special summit.

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