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Greek cabinet meets on eve of crucial euro zone summit

Sunday, June 21, 2015 - 01:52

Greece and EU leaders attempt to break the deadlock over a cash-for-reforms deal as time runs out to save Greece from bankruptcy. Vanessa Johnston reports.

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A ceremonial changing of the guards outside Greece's parliament. With an emergency eurozone summit scheduled in Brussels on Monday... Prime Minister Alexis Tsipras and cabinet members are weighing possible concessions to offer creditors in exchange for 7.2 billion euros in bailout funds. Economic reforms will be crucial, says German Finance Minister, Wolfgang Schaeble. (SOUNDBITE) (German) GERMAN FINANCE MINISTER WOLFGANG SCHAEUBLE, SAYING: "Our stabilization policy has worked in recent years in the European countries where reforms have not only been agreed to but also implemented, be it Ireland, Portugal, Cyprus or Spain. And Greece as well as long as reforms are carried out." French President Francois Hollande says everything must be done to keep Greece in the euro zone. (SOUNDBITE) (French) FRENCH PRIME MINISTER, FRANCOIS HOLLANDE, SAYING: "Alexis Tsipras' government, as well as the majority of Greeks, want to stay in the eurozone. They make it known whenever they're asked. So we have to do all we can to make sure Greece can stay." With the future uncertain, depositors have pulled billions of euros out of banks. But on the streets of Athens, some say it's the same old story. (SOUNDBITE) (Greek) 76-YEAR-OLD PENSIONER, PHILIPOS LOUKOPOULOS, SAYING: "It's been five years now that they've been saying: "tomorrow is critical", that tomorrow we won't get paid, next month you won't get your pension. So somewhere along the line we got used to it. Basically, I feel optimistic that at some point this strangulation of the Greek people will come to an end." So far, Greece's leftist government has resisted demands by the EU to slash pensions and raise some taxes. But with the country inching closer to bankruptcy, all eyes will be on Brussels to see if the deadlock can be broken.

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Greek cabinet meets on eve of crucial euro zone summit

Sunday, June 21, 2015 - 01:52