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Greece Given Hours to Save Place in Euro

Window is nearly closed on Greece's opportunity to retain Eurozone membership.

By Nikos Chrysoloras, Mark Deen and Patrick Donahue, Bloomberg | Updated on July 06, 2015

Greek Prime Minister Alexis Tsipras was given hours to come up with a plan to keep his country in the euro, as citizens endure a second week of capital controls.

German Chancellor Angela Merkel said “time is running out,” as she and French President Francois Hollande, leaders of the two biggest countries in the euro bloc, responded for the first time to Sunday’s referendum. The European Central Bank (ECB) piled on the pressure by making it tougher for Greek banks to access emergency loans. Finance ministers from the 19-member region gather on Tuesday for an emergency meeting.

"The window for a deal keeps narrowing. The euro leaders' summit on Tuesday is likely to prove decisive for Greece's euro membership."After promising voters a “no” against austerity would strengthen his negotiating hand, the onus is on Tsipras to prove he can get a deal with creditors insistent on tax hikes and spending cuts as the price for a new bailout of Europe’s most indebted nation.

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