Greece given days to agree bailout deal or face banking collapse and euro exit

Athens told to present convincing details or EU leaders will hold emergency meeting in Brussels on Sunday to deal with Grexit

Greece has 48 hours to strike a new bailout deal with its eurozone creditors or face a banking collapse, a humanitarian emergency, and the start of an exit from the single currency, European leaders decided on Tuesday evening.

Unless Athens presents convincing details entailing more austerity as the basis for its third bailout in five years, all 28 national EU leaders, not just those of the eurozone, are to gather in Brussels on Sunday in emergency session to discuss how to contain the fallout from Greece's financial collapse.

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