There is an emergency summit of all 28 EU member states to discuss Greece. This is unprecedented as only 19 are members of the eurozone. It is a bad sign. The expectation must be Greece will not be able to meet the now even tougher conditions for reaching a bailout agreement. There will be no interim finance and no further ELA unless the ESM will underwrite Greek  government debt as collateral. This cannot happen without a full agreement. It is circular and there is no hope of breaking the circle. Merkel has made clear that any chance Greece has will be on tougher terms than could have been achieved before the referendum. This is part a matter of (lost) trust and part an economic consequence of delay. There will be no debt relief up front. The offer on the table will be the sort of grim austerity package that the…

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