EU summit on Greek crisis cancelled

Yesterday's extraordinary meeting of the finance ministers of 19 eurozone countries lasted nine hours, and there is still no sign of an agreement, writes the BBC. The ministers took a break to prepare a written response to Greece's reform proposals and to agree on a new aid package for Athens, reports the Patria News Agency. 

In its proposal, Greece requested 53 billion euros over the next three years, and in return promised reforms that would save 13 million euros, reforms almost identical to those they sharply rejected in the referendum.

The German government has begun preparations to expel Greece from the eurozone, while the EU has only a few hours left to save the currency. The eurozone now faces collapse after only 15 years of existence, writes the Telegraph.

Many consider this weekend the last chance to save the monetary union, so European leaders have only today to reach an agreement. Will they manage to devise some kind of deal or will they decide to expel Greece from the eurozone.

If no agreement is reached, the German government is prepared to negotiate a five-year Grexit, which would provide Greece with humanitarian aid during its transition.