In the wake of a referendum on 5 July that saw 61.3 per cent of the Greek population vote 'no' to further austerity, Europe's leaders have reportedly given the Greek government a deadline of Thursday (or before the start of business on Friday) to submit a revised plan.
An update on Greece by Colonial First State Global Asset Management (CFSGAM) said the plan will be required to set out "specific proposals" for a two-year program.
"This plan is then expected to be assessed by the various EU institutions involved – that is, the EU Commission, the ECB and the European Stability Mechanism," said (CFSGAM).
There will be a Eurogroup Summit of all 19 leaders of countries that use the euro in Brussels on Saturday, followed by a full European Union Summit of all 28 nations on Sunday to make a final decision on Greece.
German Chancellor Angela Merkel has stated that Greece has “only a few days” left to reach an agreement.
European Commission President Jean-Claude Juncker has stated that plans have been "prepared in detail" for a Greek exit from the eurozone, as well as humanitarian aid if required.
"EU President Donald Tusk has stated that at the summit on Sunday 'black scenarios cannot be ruled out' and that the EU may have to turn its mind to humanitarian aid efforts for Greece," said CFSGAM.
