Greek PM to Present New Plan to Eurozone

Greek Prime Minister Alexis Tsipras and new Finance Minister Euclid Tsakalotos will arrive in Brussels on Tuesday to offer a new proposal at an emergency summit on his country’s debt crisis. Tsipras is expected to demand Greece’s creditors slash its debt by as much as 30 percent after voters on Sunday rejected a new set of austerity terms for an international bailout. However, the European Central Bank said Monday it would not expand credit for Greek banks, which means Greek banks will remain closed at least until Thursday. German Chancellor Angela Merkel has warned against an unconditional write-off of Greece’s debt, but French Prime Minister Manuel Valls told French radio “the basis for a deal exists.” Eurozone finance ministers will convene later Tuesday, followed by a full summit meeting in the evening.