While Europe was waking up to a new week, a meeting of Eurozone leaders to decide Greece’s fate has been ongoing in Brussels since Sunday afternoon. Maltese PM Joseph Muscat announced a short “intermission for final consultations” shortly before 7 a.m.

The leaders summit was interrupted for new four-party discussions between Greek Prime Minister Alexis Tsipras, German Chancellor Angela Merkel, French President Francois Hollande and European Council President Donald Tusk. Earlier sidelines discussions had taken place between these four members.

An earlier proposal on the table needed Greece to vote through sweeping changes by Wednesday night using express procedures. The other option was a ‘temporary Grexit’ during which Greece would have an opportunity to restructure its debts. Regarding the first option, there were a number of thorns for Greece, such as the demand for 50-billion-euros in asset sales with proceeds held in another country as well as IMF involvement. Greece states that the maximum that can be raised through privatizations is 17 billion euros and insists that the money should be kept in Athens.