Germany Increases Pressure on Greece

Eurozone leaders have failed to break the deadlock in the Greek crisis in all-night talks as Germany piled the pressure on Greece to implement bold reforms and accept a high level of external economic supervision in return for a possible €82bn-€86bn rescue.

As dawn broke in Brussels after 14 hours of arguments, Greece’s future in the common currency remained uncertain despite attempts by France to broker a compromise in the biggest crisis to face Europe since 2012.

Greek Prime Minister Alexis Tsipras looked set to bow to pressure to pass tough new reform laws, including on tax and pensions, by Wednesday and prepare further rapid reforms this month. But he and his creditors remained divided over other key issues, notably the role of the International Monetary Fund and a German-led plan to put up to €50bn in assets into an externally managed fund for future privatisation.