Eurozone Countries and German Chancellor Angela Merkel

Martin Selmayr: Juncker cabinet head Martin Selmayr said the Athens proposal offered "a good basis for progress", though he described the negotiations as a "forceps delivery", underscoring the exertions to prevent Greece crashing out of the eurozone, according to Nine News Australia. The heads of the 19 eurozone countries will hold an emergency summit on the crisis in Brussels on Monday under pressure to prevent Greece from defaulting on its debt, with a June 30 payment deadline fast approaching. It is not clear what concessions have been offered by either side, but Greek premier Alexis Tsipras detailed what his office called a "mutually beneficial deal" in a phone call with German Chancellor Angela Merkel, French President Francois Hollande and European Commission President Jean-Claude Juncker. Greece said its new proposals were aimed at reaching a "definitive solution" to end the standoff between Athens and its creditors. Separately, the ECB governing council will also meet on Monday to discuss whether to raise the level of emergency funding to Greek banks yet again, after the country banking system came under intense pressure with clients withdrawing massive sums in savings. Athens announced a frenzied round of meetings before the summit, with Tsipras also scheduled to meet the leaders of its International Monetary Fund, European Union and European Central Bank creditors on Monday. (news.financializer.com). As reported in the news.