Greece’s banks had almost completely run out of money. To help Greece survive until the meeting on Sunday, the European Central Bank (ECB) offered a small run of liquidity to Greek banks in trade for increased assets as collateral. Euros just got more expensive for Greece.
European leadership expected Greek Priminister Alexis Tsipris and his new finance minister Euclid Tsakalotos to come with a plan to begin fixing the internals of the Greek economy. The pair instead showed up to the emergency meeting with an already rejected proposal which angered EU ministers.
After the failed meeting, European Council President Donald Tusk showed frustration. “Until now I have avoided talking about deadlines,” Tusk, told reporters. “But tonight I have to say it loud and clear — the final deadline ends this week.”
The current timeline set by European leaders is that Greece must submit a serious proposal by Thursday to be considered by a full meeting of all 28 EU leaders on Sunday. If there is no deal on Sunday, Greece’s exit from the European Union and the Euro may follow within days.