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Greek debt crisis live: Germany issues bailout ultimatum

Greek debt crisis live: Germany issues bailout ultimatum - Eurozone leaders are yet to reach a new bailout for Greece in order to prevent the country from going bankrupt.

German Chancellor Angela Merkel, Greek Prime Minister Alexis Tsipras, French President Francois Hollande, and EU Council President Donald Tusk have proposed "compromise" on Greek bailout deal.

Cyprus' government spokesperson Nicos Christodoulides announced that it is likely that the eurozone summit will reconvene at 02:00 Brussels time.

Asian markets reacted positively over the reports regarding a bailout deal for Greece. The euro was slightly down against the dollar in Asian trade on Monday amid continued talks at the eurozone summit.

Malta's Prime Minister Joseph Muscat announced that the eurozone summit was taking a break in order to provide opportunities for short consulations. Muscat said that progress had been made, but "still a way to go."

German Vice Chancellor and SPB leader Sigmar Gabriel and EU Parliament President Martin Schulz sent a letter to SPD MPs, assuring that they do not want a temporary Greek exit from the eurozone.

A Greek government source has described the leaked bailout plan, drawn up by eurozone finance ministers earlier on Sunday, as "very bad." "The text in its entirety is very bad. We are trying to find solutions," the source said, adding that Greece cannot afford a delay in negotiations.

Meanwhile, Germany has taken a tough approach offering Athens a choice between accepting the bailout package or face economic destruction.

"The Eurogroup is pushing Tsipras to effectively hand over the keys to the country; he may have neither the will nor the authority to do so, opting to walk out and resign instead," Wolf Piccoli, managing director of political-risk consultancy Teneo Intelligence, wrote in a research note Sunday.