Greek crisis: Leaders’ summit begins with French optimism, German

French president Françios Hollande says that he’ll do  whatever it takes to reach a deal  to keep Greece in the euro-zone and says that it isn’t only about Greece, but about Europe. On the other hand, German Chancellor Angela Merkel says that trust is lost and the  situation is  very difficult.

Update:  Greek crisis: Germany pushing for a Grexit – EUR/USD gaps lower

With Italy telling Germany that “enough is enough” and northern European states supporting a Grexit, there is a clear rift in the euro-zone. The rain outside the meeting in Brussels probably reflects the mood inside closed doors.

Greek PM Alexis Tsipras says that “we owe it Europe” to reach a compromise. The Eurogroup reportedly wants measures from Greece, more measures than it already took. The question of debt sustainability remains open.

Jean Claude  Juncker said he will fight for a deal until “the last millisecond”?.

Schulz: We must reach an agreement today and I believe we will, as the future of Europe is at stake. He is the speaker of the European Parliament.

Asian markets open in a few hours, and  if there’s no deal, we could see the euro plunge. It may be a lose lose situation for the  euro.

Earlier, we reported:

• Greek crisis: Various disagreements within Europe – chances for deal look low
• Greek crisis splits Europe that cannot agree on its original proposals – EUR to crash?