Roadmap for Greek debt deal discussed ahead of euro zone summit: gov't sources

A roadmap to reach a deal for the resolution of the Greek debt crisis was discussed during a meeting of Greek Prime Minister Alexis Tsipras with European leaders in Brussels shortly before the start of the euro zone summit which was underway on Tuesday evening, according to Greek government sources.

Tsipras had talks with German Chancellor Angela Merkel, French President Francois Hollande and European Commission President Jean Claude Juncker. According to the Greek side, the Greek government will present tomorrow in a Eurogroup teleconference the "common ground" for a viable agreement.

The Greek draft deal proposal takes into account the result of Sunday's Greek referendum which rejected a previous offer tabled by lenders, Monday's declaration of five leaders of Greek political parties that called for a viable solution within the euro zone, as well as the institutions' proposals, the sources said.

The Greek side proposes a short term arrangement until the end of July to allow time for more negotiations over a comprehend deal, according to the same sources.

Officials and analysts from both sides warn that the clock is perilously ticking. Greek banks are closed and capital controls have been imposed in Greece since June 29, ATMs are expected to run out of cash this week, and without emergency assistance Greece seems to be heading to default and possibly exit from the euro zone.

Since July 1 Greece is already in arrears to the International Monetary Fund and on July 20 Greece needs to repay 3.5 billion euros (3.8 billion U.S. dollars) in loan installments to the European Central Bank. Endit