Greece Races to Restart Talks With Skeptical Creditors

With his country struggling to stave off financial collapse, Greek Prime Minister Alexis Tsipras will try to convince European creditors to agree on a new bailout program when they meet Tuesday for an emergency eurozone summit

Greek Prime Minister Alexis Tsipras attends a parliamentary session in Athens on June 27, 2015. Greece will hold a referendum on July 5 on the outcome of negotiations with its international creditors taking place in Brussels on June 27, PM Alexis Tsipras announced. Angelos Tzortzinis/AFP/Getty Images

BRUSSELS—With his country struggling to stave off financial collapse, Greek Prime Minister Alexis Tsipras will try to convince European creditors to agree on a new bailout program when they meet Tuesday for an emergency eurozone summit.

Tsipras is set to offer a new plan of economic measures to creditors that he hopes will restart negotiations on getting new loans for his country. The situation is urgent — without a deal, Greece’s banks could go bust within days, the first step in the country’s potential exit from the euro currency union.

Greece’s financial distress became more acute late Monday when the European Central Bank refused to increase assistance for Greek banks, which are not due to reopen until Thursday.

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