Clock is Ticking for Greece

Greek Prime Minister Alexis Tsipras was given hours to come up with a plan to keep his country in the euro and stave off economic disaster as citizens suffer under a second week of capital controls.

Adding to the pressure, the European Central Bank made it tougher for Greek banks to access emergency loans. German Chancellor Angela Merkel said “time is running out,” as she and French President Francois Hollande responded to Sunday’s referendum result in Greece. Euro-region finance ministers gather for an emergency meeting on Tuesday.

Tsipras has all but run out of chances to reach a deal with creditors, who have insisted on tax hikes and spending cuts as the price for a new bailout of Europe’s most indebted nation. Greece’s economy is grinding to a halt, with bank closures extended through Wednesday to stem deposit withdrawals.