— Donald Tusk (@eucopresident) July 12, 2015
European Council President Donald Tusk said in a tweet that the euro zone summit would start at 16:00 CET (1400 GMT), an hour later than planned “and last until we conclude talks on Greece”.
Tusk cancelled a planned meeting of all EU heads of state this afternoon, and has now moved to have a meeting of the heads of state for just the Eurozone nations.
In all likely hood this means a deal on the Greek loan proposal has been locked, and rumors hint at a lightening fast Greek Parliament vote to legalise and implement the brutal austerity measures as early as Monday or Tuesday.
Once the austerity measures start kicking in, many Greek MPs who supported a deal with creditors at any cost will be singing a different tune.