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The Eurogroup wants Greece to remain in Europe, but time to reach an agreement is "very short" German Chancellor Angela Merkel stated after the country's Prime Minister Alexis Tsipras submitted his proposal in an emergency summit in Brussels on Monday. The leaders of the 18 European member states and representatives of Greece's three lenders, the IMF, European Central Bank (ECB) and European Commission, agreed for the first time to Greece's proposed reform measures as a negotiation basis after a five month standoff over its debt repayments. The deadline for Greece's next installment to IMF is June 30 and if the country cannot reach an agreement with its three lenders it risks defaulting. Merkel said that intensive work lies ahead, as they are hoping to have first results for the next Eurogroup meeting on Wednesday.

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