07/07 – Today’s headlines from across the EU – A drachma out of a crisis?

EUROPEAN HEADLINES

FT – Athens offered last chance to avoid crashing out of single currency. New reform proposal to be presented tonight. Eurozone leaders remain skeptical.

WSJE – Germany’s power strains unity in EU. Pushback likely to grow if Berlin turns more forceful.

INYT – Germany holds line on Greek debt. Berlin’s position opens rift in EU after Tsipras takes conciliatory steps.

FRANCE

Le Monde – After the Greek “No,” Europe remains inflexible. Merkel and Hollande want to draw the necessary first consequences of the referendum on Monday at the Elysée. The “Grexit” is considered more likely than ever.

Les Echos – Greece: final chance before its euro exit. Hollande and Merkel require “serious” proposals. Tsipras uses his support against his creditors. Financial markets stand up against the flood of “oxi.”

GERMANY

Frankfurter Allgemeine (FAZ) – Athens wants to make new proposals again. Merkel sees no basis for negotiations. Hollande urgently calls on Tsipras.

Suedeutsche Zeitung – “Greeks threatened by terrible plight.” Greek Economy Minister Stathakis asks the ECB for new loans. The Federal Government is first waiting for a new offer by PM Tsipras.

ITALY

La Repubblica – Greek Chaos: the EU takes a hard line. No more help from the ECB, Greek banks will stay closed today. Tsipras sacrifices Varoufakis for the sake of negotiations.

Il Sole 24 Ore – Spread closes on 162 after Greek “No” and Stock Market plummets. The European Central Bank kept Emergency Liquidity Assistance (ELA) steady for Greek banks but adjusted the haircut.

POLAND

Gazeta – Greek marathon. The Euro Area Summit starts today to discuss financial aid for Athens. Grexit is still the most probable scenario however Euroland and Athens will try once again to prevent drachma’s return.

SPAIN

El Pais – Europe to leave the door open to a last Greek proposal. Merkel and Hollande warned Tsipras that “time is running out”. Tsakalotos to replace polemical Varoufakis as Finance Minister. Greek banks to reopen to the public on Thursday.

Expansion – What does an investor have to do to deal with the Greek crisis? Analysts advise to maintain the exposure to stock markets and even exploit hunts for bargains.

The Times – Shop all day on Sundays in trading shake-up. Osborne prepares to confront unions over laws.

The Guardian – Greece given 24-hour deadline. Merkel demands new plan for Athens. Fears that banks will run out of cash.