European leaders gave Greece a stark ultimatum Tuesday night: Reach a new bailout agreement with its creditors by Sunday or face bankruptcy and expulsion from the euro currency system.
The leaders gave Greece until Thursday to submit new economic reform proposals to justify fresh lending by international creditors, and they said the group would meet again Sunday to make a final decision on whether to approve another bailout for the distressed nation.
"If this does not happen, it will mean an end of the negotiations with all the possible consequences, including the worst-case scenario, where all of us will lose," European Council President Donald Tusk said in a statement.
"Our inability to find agreement may lead to the bankruptcy of Greece and the insolvency of its banking system," Tusk added.
"Tonight I have to say loud and clear that the final deadline ends this week," Tusk said.
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http://www.usatoday.com/story/money/2015/07/07/greece-eurozone-meeting/29804091/Greece is making its bed.