Greece To Plead Its Case At A Last-Chance Summit

Tuesday may be Greece's last opportunity to secure emergency funding after the nation's voters rejected the latest EU proposal to release the country's bailout funds.

Over the weekend, Greeks chose to stand behind Prime Minister Alexis Tsipras and the Syriza-backed government, which has been adamant about ending austerity.

However, the decision has left the nation in a difficult position as its EU creditors say they are unwilling to unlock the funds unless Greece agrees to carry out necessary reforms.

The End Is Near

On Monday, comments from German EU commissioner Gunther Oettinger underscored the very real possibility that Greece is heading for an exit from the currency union.

Oettinger told a German newspaper that Greece would likely run dry in a matter of days and would have to start issuing IOUs in lieu of wages and pensions.

In doing that, he said, the nation would be deemed unstable and thus unsuitable to remain in the EU.

Related Link: What Does Greece Do Now?

Last Ditch Effort

Still, EU officials are hopeful that a summit on Tuesday will yield an agreement to unlock Greece's bailout funds. However, the nation is quickly running out of time as its banks remain closed with strict capital restrictions in place.

EU officials say they are willing to consider another Greek proposal for reform, but that Tsipras must demonstrate that he has worked out a long term plan with stable rules that will keep the nation's finances on track for years to come. Previous proposals, they say, were too ambiguous and did not demonstrate a real commitment to reform.