Greece came ridiculously close to leaving the euro this weekend

Alexis TsiprasREUTERS/Grigory DukorGreek Prime Minister Alexis Tsipras, who took a beating in negotiations this weekend.

Greece came ridiculously close to leaving the euro this weekend.

A report from The Financial Times on Monday morning is jam-packed with details about what went on inside the Greek bailout negotiations this weekend in Brussels.

And it was not good.

As the FT tells it, German chancellor Angela Merkel and Greek prime minister Alexis Tsipras rose from their chairs at 6:00 am on Monday and headed for the door, resigned to a Greek exit from the euro.

“Sorry, but there is no way you are leaving this room,” European Council president Donald Tusk reportedly said.

And so a Grexit was avoided.

But the FT’s report is a bombshell, outlining just how hard the negotiations this weekend were for all involved. One participant described the negotiations as “violent.”

“They crucified Tsipras in there,” one official told the FT.

Ultimately, a deal was reached, though Greece still needs to get the program through its parliament by Wednesday.

And with the European Central Bank reportedly not ready to increase its Emergency Liquidity Assistance just yet, it seems that the situation on the ground in Greece isn’t likely to change. Banks will remain closed, the stock market will remain closed, and the Greek economy is still more or less frozen.

But at least with a path to a deal in sight, it seems that Europe has backed away from the cliff that would have sent Greece tumbling into a future outside the euro.

For now, at least.

Read the full report in the FT here ยป

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