After the Eurogroup leaders summit, Chancellor Angela Merkel was not very optimistic. The situation is unchanged; the preconditions are not in place that would allow negotiations to be launched with a view to a third ESM assistance programme, she said.

By Thursday at the latest the Greek government must present "extremely detailed proposals" if there is to be any chance of another assistance programme. In view of the deterioration of the situation in Greece it is no longer a question of a short programme extension but of a third assistance programme over a period of several years, said the Chancellor.

Another summit of EU leaders

"The discussion today was very earnest and very clear," said Angela Merkel. She announced that a special summit of all 28 EU states would be held on Sunday. "The announcement itself is evidence that the situation is comparatively serious." The European Council meeting must determine whether or not the preconditions are met for beginning negotiations with Athens.

"This is an indication that we only have a very few days to decide how to proceed." The German Bundestag too will have to authorise negotiations for another assistance programme. Once again Angela Merkel rejected any trimming of Greece’s debt. "There can be no question of a haircut."

The assistance programme for Greece ended a week ago. In Brussels the Eurogroup finance ministers once again met on 7 July. For the evening European Council President Donald Tusk called a meeting of all Eurogroup leaders.

Meeting of Eurogroup finance ministers

"We are now waiting with anticipation to hear the ideas of the Greek government," said Federal Finance Minister Wolfgang Schäuble before the meeting. We will respect the outcome of the referendum, said Wolfgang Schäuble, "but without a programme there is no way to help Greece within the framework of the euro zone".

On Sunday a majority of Greeks voted to reject the last offer of the country’s creditors. The government had called for a "No" vote.