Withdrawal from the European Union

British Prime Minister David Cameron said on Monday he thought it would be hard for Greece to stay in the single currency if Greeks voted to reject a deal from international creditors in a forthcoming referendum.

German Finance Minister Wolfgang Schauble gave a press conference claiming that Greece is likely to find itself in a “difficult situation” over the coming days.

He said that the Greek decision to end negotiations with a call for a referendum surprised everybody, making it clear that this move will not solve Greece’s problems.

No sooner did Prime Minister Alexis Tsipras announce the Radical Left Coalition (SYRIZA) government’s decision to hold a referendum on the creditors’ proposals for Greece that the panic began. All hell broke loose as people rushed to ATMs in fear that banks would collapse, cars lined up at gas stations, people rushed to supermarkets to stock up on food and other necessities.

The latest word from Brussels is that Greece will unlikely be offered an extension at the Eurogroup meeting that begins at 3 p.m. on Saturday. Several countries already have expressed their opposition to this scenario.

Just as everybody was fearing a Grexit, Frexit, Brexit, the Austrians launched a petition to quit the EU. Activists who launched the petition argue that Austria would be better off economically without the EU and is on a drive to gather 100,000 signatures by July 1 required for the national parliament to consider the initiative.

Greek Prime Minister Alexis Tsipras dismissed on Friday the latest proposal of the international creditors to extend the country's bailout, criticising their approach as unacceptable.

Tsipras stressed that the founding principles of the EU were democracy, solidarity, equality and mutual respect rather than ultimatums and blackmail, the Greek Reporter informs.

The euro debt crisis has spawned its own vocabulary. Right at the outset we had the PIIGS (Portugal, Italy, Ireland, Greece and Spain) being herded by Merkozy. Then came Merlande or Merkellande (dubbed for German Chancellor Angela Merkel and French President Fraancois Hollande)… But what will come after the Grexit?

By Eleni Varvitsiotis

Brussels - Kathimerini has obtained the full proposal submitted by the Greek government to the institutions. All 11 pages can be seen here.

The proposals contain 7.9 billion euros of measures, of which 7.3 are from increases to tax and social security contributions.

A eurozone emergency summit on Greece's debt crisis later Monday may only take the form of "consultations" if Athens' creditors haven't approved Greece's latest proposals, a German government spokesman warned.

Eurozone leaders meeting in Brussels later on Monday are unlikely to be able to take a formal decision on whether to provide aid to Greece but there is still time this week to finalise an agreement, German Chancellor Angela Merkel said.