July 6, 2015
Greece faces its European creditors at an impromptu summit of eurozone leaders Tuesday as both sides are scrambling to find a way to keep the country afloat after its emphatic rejection of tough bailout terms.
In a sign that Greek Prime Minister Alexis Tsipras is now giving priority to a rescue deal, the premier ousted his finance chief Yanis Varoufakis, whose confrontational style had alienated many other European finance ministers in negotiations, and replaced him with a less combative official, Euclid Tsakalotos.
Time is fast running out of time to reach a financing agreement before Greece’s banks—already closed for most business for the past week—bleed dry of cash, threatening to plunge Greece’s battered economy into even-deeper meltdown.
The head of the country’s banking association said that banks would remain closed through Wednesday to stem the flow of money that Greeks had been pulling out of the banks; few expect them to open any time soon after that.
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