No New Bailout Plan for Greece at Eurozone Summit

Greek officials, led by the country's new finance minister Euclid Tsakalotos, did not unveil a new bailout proposal at an emergency Eurozone summit in Brussels Tuesday.
16:17 | 07/07/15

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Transcript for No New Bailout Plan for Greece at Eurozone Summit
Nineteen money minister is a million bail out plan for Greece today top euros and officials gathering in brothels for an emergency summit. For Greece's new finance chief arrived without a proposal. And now Greece's prime minister is making a last minute trip to brothels but will be enough to help ease the pressure. On his cash strapped country and prevent a Greek exit from the Urals ago. Hello everyone I'm Elizabeth her in new York and right now Greece hearing on the age of bankruptcy the nation. More than 323. Billion euros in debt as it's being. Hemorrhage money the dire situation. Only getting worse today if you're of the leaders met in brothels. And moments ago a top official there are thing Greece is now looking to once again tapping into Europe's bailout fund. Following that story for us in Athens is ABC's Alex Lockhart who was once again joining us live. Alex went again no new proposal from Greece and no new deal today what happened. No new proposals that's Housley writes what Europe had said when this referendum was about to take place woods. Essentially now it's on you to come back to us with new proposals. This whole referendum this historic referendum that we saw take place on Sunday was whether to accept the terms. Of an international bailout plan court to reject. There was a resounding no vote of rejections of Europe said OK it's on you to come up with new proposals. The finance minister a priest resigned yesterday replaced by. You list separate took a lot this who showed up in Brussels today. At that Euro summit and his contemporaries. In the Euro zone were expecting him to put forward these new proposals. That would help Europe get through this crisis. He did not report those proposals we've seen statements from. European finance ministers across the board expressing their frustration that he didn't. What Greece is expected to do later today tonight. Is to put out a letter to other eurozone members. Asking for assistance from what's called yes and the European stability mechanism. That would give them in Greece would hope a medium. And short term loans to medium term loan of around fifty billion dollars. That would cover several years and then a short term loan. Of around seven to eight billion dollars a bridge loan that would let them get through. That it the next cut net the next major dates in this financial calendar which is July 20 when they 03 point seven billion dollars. And so Greece is expected to put out that later that letter later tonight's. And then that will be examined by European finance ministers. Over the next few hours and discussed on the conference call. Tomorrow morning there is a dinner or taking place right now in Brussels with the heads of state. Of the Euro zone countries. Chancellor of Germany Angela Merkel just showed up at that dinner saying right now there is no basis for negotiations were talking about days. Not weeks so. The onus right now Europe is saying is on increase to put for these new proposals so far Greece has not so there's going to be a lot of discussions. In the coming hours very tense discussions list. So as far as this new proposal is concerned when it comes to either be acting Greece or not to how these countries are aligning themselves. Well right now it's really Greece against the world or at least Greece against Europe. There are nineteen. Countries in Europe in the Euro zone there have been reports unconfirmed reports that sixteen of the eighteen. Are against are are are in favor of Greece leaving the Euro zone. And so this is very much the from the statements we've seen from the finance ministers from the prime ministers and chancellors and presidents of these other European countries. They are universe they are united. In saying we X expects proposals. From Greece. What happened in the referendum was essentially agrees coming out and rejecting. Very austere. Sorry long list of a very austere measures. That Europe felt Greece needed to implement to get. The Greek economy back on track to stay within the Euro zone. Europe Greece is expected to go back and try and soften those measures. And so what it's gonna come down to now is essentially. Europe and the other international creditors like the IMF. Saying yes or no. If the creditors rejects. The Greek proposal what could happen next. Is Greece leaving the Euro zone going back to the drama. Which could have a ripple effect all around the world. Greece Europe doesn't want that to happen necessarily. Most Greeks want to stay within the Euro zone and within the EU. But that is something that could happen. Europe doesn't want to necessarily take Greek increase out of the Euro zone because then we could see other countries like Italy Spain and Portugal. Did copy what Greece did and have these referendums. On financial policy and that could really start to cause trouble. Not just within Europe but beyond because of course. The European Union is a massive trading partner for for countries like the United States China and others. So we know letting talks are continuing an Alex we now know that Greece has a new finance minister what we know about him. Well what we know is that he's. He he's not as antagonistic as his predecessor. Who resigned yesterday. Man named Baruch pockets who was perceived to be. This laid back very cool. Finance minister and economics professor who was always seen wearing casual clothes T shirts rides a motorcycle but in these meetings. We've European finance ministers. Antagonistic. Didn't back down. And so when he resigned yesterday morning. Following this referendum he wrote in a statement. That it was made clear by the European partners that his absence. Would help things. And so he was replaced by. Another man who was already part of the negotiating team named eucharist supplements are a lot to us. Who is British educated. And perceived by the other European countries to be. A bit more amenable someone that they can talk to more and so his first. For a as as a minister as a finance minister after getting sworn in last night was this meeting. In Greece. There were great expectations that that you would put forty's new proposals that would help reason and Europe get over this crisis but of course. In this first foray he he didn't present these new proposals. So it didn't go as well as expected but. He is perceived to be someone who Europe can work with. Better then an ex finance minister are (%expletive) OK and Alex as you know we've for weeks we've been talking about this money crisis in Greece you weren't there earlier rifling tweet that you actually visited the central fish market in app and then. Your take I mean with all this talk about what at least the video we are seeing it will die here but what are UC. Well on the one hand that things are calm people are out in the streets. There are walking around there in the cafes there in the restaurants. It's not immediately visible on the surface that there's a crisis. But then upon closer inspection you got all the obvious signs all the banks. Around the country of course have been closed for over a week now you have long lines at these H yams in Athens all around the country. The ATMs have been limited to just sixty euros or 67 dollars per account and so you have people going out. And taking out this daily maximum limits. Not just as they need to spend it. Today to buy food or whatever they need but also because they don't know how long this tax is going to last. I was talking to someone who is saying that he goes out just after midnight when it becomes a new day beacon to take out that money because. He doesn't know later in the day that money's going to disappear the European Central Bank. Said yesterday that they weren't going to increase the emergency funds for Greece and so essentially this it's if it's a matter of time right now. And tell grease runs out of money and no one knows when that's gonna happen. In the next few days what we could start seeing is. That sixty Euro limit dropped to forty Euro struck the twenty euros even dropped to nothing. At some point if there is an a deal we could see all of the ATMs around the country. Completely run out of money and that's when it becomes a very very severe crisis Greek officials have warned. Of a humanitarian crisis. We were out about today we went to the central market in downtown Athens. Where they sell meet where they sell fish the fish mongers were telling me. That they are still are customers. We saw a bustling with people but they were saying it's much harder to get the fish from that fisherman because they've got to pay in cash. The fishermen don't take. Credit anymore and we spoke to several of those fish mongers we do have that on tape Celestica listen. This is the central market in Athens still bustling with customers who come here to buy meat and fish. But this flow of customers could quickly dry up if the cast does. And the vendors here telling us it's getting harder for them because they'd buy these fish directly from the fisherman. Who now won't take credit anymore. Accepting only cash. So where you seeing this crisis. Kid every big. To have gone down wolf it's compared to news five months. I think it's psychologically someone has saved the office. A lot of technology and media. Like anyone here. About that I bought and read them. Probably has made people are afraid what more so it was an. We get the necessary. He prepares its. Goodness and the puzzlement and want guys like looked me for to put up for this is here. A family needs at least 6750 enjoyed the visiting my good grief and share. For those who will go to something what you want to do. So slick and have enough money. On the site just in case we need. This is good will experience that he needs. Loses its special the mile copies of the fees that used to be chief. For the crisis right now it's very expensive for the average week. Soul like heaven and out you're a great move for anything he continues. Was very cheap before the crisis. Experience thirty years is expense account figures tend. The people quoted from three year old rookie season a lot fewer customers these days and fewer customers and very little money going around. Is there a sense of inevitability I mean are people. Worried that did it in the coming days there will be. Total lots and some cash. I've been through a lot of you believe. I mean the whole. Prices. He's a bank news as you go back and banks on the one news thank consistently we can't fight it. All things are. Loans and our government has picked here's the one of them almost like me who don't know anything. Everything's going to people. People all they do was listen to the news. They're being told. What was going on and it is getting scared. They'll only be used to be the division is known about it was because it's. Who do. They they don't go outside. And then began giving him. Those they have made people who bought anymore just inside their homes. The volatile fight whatever they need. We'll fight game he's really want her name was let go and enjoy his life it's happening in Williams smiled. Hunkering down doors this little miserable people getting recently and it will be. Rob. I'm the groups that there shall we still have a little bit of business a little bit. Out of historic. Miguel and selling. Close. The food is one of the lasting local guys like we have a saying it never dies just gets it. A world where all of free. We're hoping that soon revealed some agreement back open. So people can get the psychology of. So as you can hear there it's not full blown panic but there is through fear and uncertainty. People obviously need to eats people are still out shopping. Buying food like that fish but at the same time they are cutting back. On the why is considered to not be necessary on more luxury items even things as basic as close. After we left that central market we went to one of the main shopping districts who went to a clothing shop big department store in and spoke with someone. Who told us the owner of the shop until is that business is just plummeted at 90% down in the past ten days. So there this this uncertainty has contributes the fact that people. Simply don't want to spend their money they don't know what is going to happen and the people we spoke with said. Today's the big day. Everyone is watching that the meetings in Brussels everyone's waiting to hear what comes out of those meetings in Brussels what possible proposals are going to be put forward. And how Europe is going to respond so a real sense of unease on the streets here in Athens Liz. Alex great perspective there and if I heard correctly that merchant they are staying optimistic he doesn't believe the banks will actually run out of money. But again the fear is there how much time do we know how much time does Greeks have to reach this new deal. That's the multibillion dollar question everyone's talking about days no one is talking about weeks Greece needs to get this done. If they want to get the short term. Assistance from Europe to cover. Two it is to get money and liquidity back into the market to get money back into the banks of the can reopen the bank so that they can. Lift those limits on the ATM's. If they don't come to a deal in a matter of days then increase. May be forced out of the Euro zone. In the shorter term. When grease actually runs out of cash we simply don't know right now for example as we've been saying that that limit at the ATM's just 67 dollars. In a couple of hours or tomorrow or the next day could drop. We could wake up on Friday morning and there's apps he no money. In those ATMs in the banks we simply don't know but it is it is a matter of days there's not much time left list. Not much time once again ABC Alex mark Hart joining us from Athens Greece thank you so much for your time. We can keep up with this story in real time by downloading the ABC news happened starring this story for exclusive updates long ago. For now analysts that her in New York.

This transcript has been automatically generated and may not be 100% accurate.

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