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| Eurozone Leaders to Meet on Greece After Finance Ministers Hit Impasse | Eurozone Leaders to Meet on Greece After Finance Ministers Hit Impasse |
| (35 minutes later) | |
| BRUSSELS — Eurozone heads of state gathered here on Sunday, with just hours remaining to reach a deal to keep Greece in Europe’s common currency. | BRUSSELS — Eurozone heads of state gathered here on Sunday, with just hours remaining to reach a deal to keep Greece in Europe’s common currency. |
| The leaders of the 19 European Union countries that use the euro are trying to accomplish what a day and a half of meetings by their finance ministers could not: a workable plan for resuming bailout negotiations with Greece, whose government is virtually out of money and whose banks are on the brink of collapse. | |
| The failure of the finance ministers to find a path forward when they met for nine hours on Saturday and reconvened Sunday morning indicated that any agreement to continue negotiations with Athens would be a largely political decision based on the goal of European unity, rather than an economic one. | |
| And it would require bridging a divide between eurozone countries, including Germany, that oppose further aid to Greece and those, including France and Italy, that say Athens still deserves a helping hand. | And it would require bridging a divide between eurozone countries, including Germany, that oppose further aid to Greece and those, including France and Italy, that say Athens still deserves a helping hand. |
| President François Hollande of France, heading into Sunday’s summit meeting, warned that failing to find a way to keep Greece in the euro would “mean a Europe that is in retreat, a Europe that no longer moves forward.” He vowed that “France will do everything to find an agreement this evening.” | |
| Mr. Hollande continued: “The stake is to see whether Greece will tomorrow be in the eurozone, and the stake is Europe. It is not simply a question of deciding about Greece, though that is, of course, the subject of the day, but to mark out well the conception we have of Europe.” | |
| Chancellor Angela Merkel of Germany, arriving for the summit meeting, acknowledged that the economic plight of Greece was “extremely difficult.” | Chancellor Angela Merkel of Germany, arriving for the summit meeting, acknowledged that the economic plight of Greece was “extremely difficult.” |
| But “the most important currency has been lost — and that is trust,” Ms. Merkel said. “That means that we will have tough talks today, and there will not be an agreement at any price.” | |
| The Greek prime minister, Alexis Tsipras, struck a conciliatory tone as he headed into the meeting: “I am ready for an honorable compromise. We owe it to the peoples of Europe who want Europe united and not divided. We can reach an agreement by tonight if all the parties involved want it.” | The Greek prime minister, Alexis Tsipras, struck a conciliatory tone as he headed into the meeting: “I am ready for an honorable compromise. We owe it to the peoples of Europe who want Europe united and not divided. We can reach an agreement by tonight if all the parties involved want it.” |
| Jean-Claude Juncker, the president of the European Commission, who has been a main broker between Greece and its eurozone creditors, was still pushing for a settlement heading in the meeting. “I will fight until the very last millisecond for a deal, and I hope that we will have a deal,” he told reporters. | |
| Greece’s most stalwart ally, Cyprus, which is only just recovering from its own brush with bankruptcy and a severe banking crisis in 2013, ruled out the possibility of a fracturing of the eurozone. But less sympathetic countries, which seem to be a majority, suggested this was a real possibility. | Greece’s most stalwart ally, Cyprus, which is only just recovering from its own brush with bankruptcy and a severe banking crisis in 2013, ruled out the possibility of a fracturing of the eurozone. But less sympathetic countries, which seem to be a majority, suggested this was a real possibility. |
| Banks in Greece have been closed since June 29, and cash machines could run out of money as early as Monday. Peter Kazimir, the finance minister of Slovakia, which has joined Germany in taking a hard line against Greece, told reporters on his arrival for Sunday’s talks that Greeks needed to know when banks would reopen “and in which currency.” | Banks in Greece have been closed since June 29, and cash machines could run out of money as early as Monday. Peter Kazimir, the finance minister of Slovakia, which has joined Germany in taking a hard line against Greece, told reporters on his arrival for Sunday’s talks that Greeks needed to know when banks would reopen “and in which currency.” |
| Mr. Kazimir ruled out any prospect of an agreement among finance ministers, saying that “recommendations for the heads of state” were the most that could be expected when the eurozone leaders gathered on Sunday afternoon for a last-chance summit meeting. | |
| “The breach of trust is so deep it is not possible to reach a deal,” Mr. Kazimir said, referring to the finance officials. | |
| A nine-hour meeting of eurozone finance ministers on Saturday broke off as Germany, Finland and Eastern European members expressed doubts that Greece could be trusted to live up to any commitments made in exchange for bailout assistance that might reach 74 billion euros, or nearly $82.6 billion. | |
| That finance ministers pressed Greece on Saturday to take swift action to prove that pledges made in its latest proposal to introduce tough austerity measures would be put into effect — and not left on the drawing board, as had happened with many previous Greek promises. | That finance ministers pressed Greece on Saturday to take swift action to prove that pledges made in its latest proposal to introduce tough austerity measures would be put into effect — and not left on the drawing board, as had happened with many previous Greek promises. |
| A failure to find a solution for Greece’s economic crisis could be the biggest challenge yet to European unity. | A failure to find a solution for Greece’s economic crisis could be the biggest challenge yet to European unity. |
| If the eurozone leaders cannot reach an agreement to keep the Greek negotiations alive, the finance ministers and the European Central Bank might need to make contingency plans for addressing the social and economic fallout of the Greek crisis. | If the eurozone leaders cannot reach an agreement to keep the Greek negotiations alive, the finance ministers and the European Central Bank might need to make contingency plans for addressing the social and economic fallout of the Greek crisis. |
| Last week, Mr. Juncker said that Europe would be prepared to extend “humanitarian” aid to Greece, if necessary. |