European Council President Donald Tusk says, in regards to the Greek crisis, that ''both sides of the negotiations share the responsibility for the current status quo.'' Rough Cut (no reporter narration).
ROUGH CUT (NO REPORTER NARRATION) During a Euro Summit news conference in Brussels on Tuesday (July 7), European Council President Donald Tusk says, in regards to the Greek crisis, that "both sides of the negotiations share the responsibility for the current status quo." "Our inability to find an agreement may lead to the bankruptcy of Greece and the insolvency of its banking system. And for sure it will be the most painful for the Greek people. I have no doubt this will affect all of Europe also in the geopolitical sense," said Tusk. Greek Prime Minister Alexis Tsipras won a commitment to seek a last-minute rescue at an emergency euro zone summit on Tuesday, before his country's banks run out of money. EU leaders will hold a further summit on Sunday (July 12) to approve a plan to aid Greece if creditor institutions are satisfied in the meantime with a Greek loan application and reform commitments. German Chancellor Angela Merkel, who arrived saying there was still no basis for reopening negotiations with Athens, changed her tune in the room and was actively involved in efforts to find a last-ditch solution, euro zone sources said. Merkel said she expected a formal loan request from Athens on Wednesday and more detail on how Greece would cooperate to make its economy more competitive on Thursday, in order to seek the approval of the German parliament to start negotiations. Short-term finance could also be made available if the Greek government came up with satisfactory proposals and took "prior actions" in passing laws to convince creditors of its intent.