Greece offers new proposals to avert default, creditors see hope
Greece took a step back from the abyss on June 22 with the presentation of new budget proposals that euro zone leaders welcomed as a basis for a possible agreement in the coming days to unlock frozen aid and avert a looming default.
European Council President Donald Tusk, who chaired an emergency summit of leaders of the 19-nation currency bloc, called the Greek proposals "a positive step forward".
He said the aim was to have the Eurogroup finance ministers approve a cash-for-reform package on June 24 evening and put it to euro zone leaders for final endorsement on June 25 morning.
However, there must first be a detailed agreement with representatives of European governments, the European Central Bank and the International Monetary Fund to ensure the numbers add up, he said.
European stock markets and Greek assets surged on June 22 on hopes of a last-minute deal to ease a crisis that is threatening to drive Greece out of the euro and weaken the foundations of the European Union's single currency.
"I am convinced that we will come to a final agreement in the course of this week," European Commission President Jean-Claude Juncker told a late-night news conference.