- Jean-Claude Juncker, European Commission President
Greece has 48 hours to come up with a reform plan to secure a deal with its European creditors, and keep the country within the Euro bloc. Greek Prime Minister Alexis Tsipras has until Friday to present a new proposal; however, German Chancellor Angela Merkel said she hoped to receive convincing reform commitments from Tsipras on Thursday so that the German parliament could authorize talks on a new aid programme. EU Commissioner for the Euro Valdis Dombrovskis said the EU wants Greece to remain in the Euro zone but it could be forced out if it does not prepare a credible reform package. On Sunday, a gathering of all 28 members of the European Union will be held - a day after the new Greek proposals are expected to be scrutinized by the Euro zone finance ministers. French President Francois Hollande said the European Central Bank would guarantee that Greek banks had the minimum necessary liquidity to stay afloat until Sunday. Meanwhile, Greek Prime Minister Alexis Tsipras is due to address the European Parliament tomorrow, according to a Greek government official.
In the meantime, German industrial production remained flat in May, as a strong rise in manufacturing was offset by a decline in construction output. According to Destatis, industrial production held steady in the reported month after a revised 0.6% gain in April. Manufacturing output increased 0.4% from a month earlier, while construction output fell 0.5%.
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