Image copyright Getty Images Image caption For Greek citizens, another day of queuing at the bank for a restricted sum of cash 
 
 France will do all it can to keep Greece in the eurozone, because allowing it to leave would be too risky, PM Manuel Valls has said. 
 
 "The basis for a deal exists," he said, ahead of an emergency eurozone summit. 
 
 However, Germany has warned against any unconditional debt write-off. 
 
 The eurozone had urged Greece to submit fresh proposals after its people rejected the latest draft bailout in a referendum. However, sources say no new written plan was presented on Tuesday. 
 
 Follow the latest updates 
 
 Greek Prime Minister Alexis Tsipras's has been said to want Greece's vast €323bn ($356bn; £228bn) debt to be cut by up to 30%, with a 20-year grace period. 
 
 Greece's teetering banks are to stay closed on Tuesday and Wednesday. 
 
 The European Central Bank (ECB) is maintaining its pressure on the banks, refusing to increase emergency lending and ordering them to provide more security for existing emergency loans. 
 
 View from Germany: Jenny Hill, BBC News, Berlin 
 
 A picture of Angela Merkel wearing an old Prussian military helmet dominates the front cover of Bild. "Today," the headline reads "we need the Iron Chancellor!" referring to Otto von Bismarck, who first held the post. 
 
 For weeks the tabloid has been leading the charge against Greece. Like many here, it has had enough. "No more billions for Greece," it urged on Tuesday. 
 
 The chancellor is under huge domestic pressure not to cave in to Greek demands for debt relief. Her deputy, Sigmar Gabriel, has said that to do so would destroy the eurozone. 
 
 And on Tuesday the CSU (her party's Bavarian ally) went further: general secretary Andreas Schueur wants Berlin to reject further negotiations, let alone a third bailout package. The Bavarian finance minister, Markus Soeder, has said he simply wants Greece out of the eurozone. 
 
 And these are the MPs who will have to vote before negotiations over any proposed new deal can even start. Mrs Merkel says she wants to keep the eurozone together; she's got a battle on her hands at home first. 
 
 Where do eurozone countries stand? 
 
 European finance ministers and officials gathered in Brussels told reporters they wanted to hear new proposals from Greece's new finance minister, Euclid Tsakalotos, ahead of a full summit of eurozone leaders later. 
 
 Eurogroup chairman Jeroen Dijsselbloem said as he arrived: "The pressure is especially on the Greeks, the banks are closed and the situation is difficult. I guess the Greek government has an interest in coming up with serious and credible solutions soon." 
 
 However, sources at the talks said there was no new written plan from Greece at the meeting, 
 
 One told Reuters: "They say they will submit a new request and outline of proposals, maybe tomorrow (Wednesday)." 
 
 A Greek government official told the news agency that Mr Tsipras would address the European Parliament on Wednesday. 
 
 Peter Kazimir, finance minister of Slovakia - one of the countries with the highest exposure to Greek debt - said he was "sceptical" that a deal would be found, adding that debt relief was a "red line for my country". 
 
 What are the scenarios for Greece? 
 
 What happens next? 
 
 Mr Tsipras met Greek political party leaders on Monday to agree demands to reach a "socially fair and economically viable deal". According to Greek media, the demands include: 
 
 Securing liquidity for Greece's financial system 
 
 Credible reforms with reduced recessionary impacts 
 
 Strong programme for growth 
 
 Restructuring of Greek debt - that could mean writing some off and rescheduling repayments 
 
 Media playback is unsupported on your device Media caption Jean-Claude Juncker told the European Parliament he was texting the Greek PM, after complaints about his phone use 
 
 'No taboo' 
 
 In his comments on Tuesday, Mr Valls said the eurozone could not "take the risk of Greece leaving" - for economic as well as political reasons. 
 
 "There is no taboo subject when it comes to [Greek] debt," he told French radio. 
 
 Germany, which takes a tougher line, has warned against any unconditional write-off of Greece's debt, amid fears it would destroy the single currency. 
 
 Image copyright Getty Images Image caption Germany and France - two of Greece's major creditors - differ over how much they should bend to help Greece reach a deal 
 
 German economy minister and vice chancellor Sigmar Gabriel said: "The other 18 member states of the euro can't just go along with an unconditional haircut [debt write-off]." 
 
 The differences between the French and German stances on Greece reflect a fissure running through the EU, say correspondents. 
 
 Several eurozone countries - including Malta, Slovakia and Estonia - are owed significantly more by Greece as a percentage of GDP than Germany or France. 
 
 Analysis: Chris Morris, BBC News, Athens 
 
 With pressure growing on the Greek banking system, the eurozone summit will have to give a pretty clear signal that it thinks progress can be made. 
 
 But the two most important leaders in the eurozone, Angela Merkel and Francois Hollande, appear to be struggling to find a common position on Greece in the wake of Sunday's "No" vote. 
 
 Broadly speaking, some countries - led by France - are pushing for a deal that will give Greece some breathing space to stay in the eurozone. 
 
 Others - led by Germany - are under greater political pressure at home, and wonder whether such a deal is possible. 
 
 It all leaves Greece in the most precarious position it has experienced in five years of wrenching economic crisis. The best that can be said is that it could go either way. 
 
 Peston: ECB tightens squeeze on banks 
 
 Pharmacies running low 
 
 Meanwhile, the ECB said it would keep emergency cash support for Greek banks, which are running out of funds and on the verge of collapse, at the same frozen level - refusing requests for additional support. 
 
 It told the banks to lodge more collateral - or assets - with the Bank of Greece, reducing the amount of spare cash the banks have. 
 
 Media playback is unsupported on your device Media caption Ros Atkins explains the banking restrictions and the impact that they are having on everyday life in Greece 
 
 Capital controls have been imposed, with people unable to withdraw more than €60 a day from cash machines. 
 
 On Tuesday, Western Union said it was reactivating its Direct to Bank service to Greece, allowing funds to be transferred into bank accounts there from 31 countries. 
 
 The European Commission - one of the "troika" of creditors along with the IMF and the ECB - wants Athens to raise taxes and slash welfare spending to meet its debt obligations. 
 
 Greece's Syriza-led left-wing government, which was elected in January on an anti-austerity platform, said creditors had tried to use fear to put pressure on Greeks. ||||| BRUSSELS (AP) — Greece reached a deal with its European creditors Monday that avoids an exit from the euro and the global financial chaos that prospect had raised. The deal calls for Greece, already reeling from harsh austerity measures, to cut back even further in exchange for more loans without which its financial system would surely collapse. 
 
 Greek Finance Minister Euclid Tsakalotos, right, speaks with Managing Director of the International Monetary Fund Christine Lagarde during a round table meeting of eurogroup finance ministers at the EU... (Associated Press) 
 
 A presidential guard, right, stands guard at the tomb of the unknown soldier as riot police officers guard one of the entrances to the parliament during a demonstration of supporters of the no vote in... (Associated Press) 
 
 German Chancellor Angela Merkel, left, speaks with French President Francois Hollande, center, and Greek Prime Minister Alexis Tsipras during a meeting of eurozone heads of state at the EU Council building... (Associated Press) 
 
 German Finance Minister Wolfgang Schaeuble, sitting center, goes over papers with members of his delegation during a round table meeting of eurogroup finance ministers at the EU Lex building in Brussels... (Associated Press) 
 
 French President Francois Hollande said the Greek parliament would convene within hours to adopt the reforms called for in the plan, and he celebrated Greece's continued membership in the euro. For the eurozone to have lost Greece, Hollande said, would have been to lose "the heart of our civilization." 
 
 The agreement came after months of often bitter negotiations and a summit that stretched from Sunday afternoon well into Monday morning. Greek Prime Minister Alexis Tsipras had been holding out for a better deal to sell to his reluctant legislature in Athens this week, even as financial collapse grew closer by the day. 
 
 A breakthrough came in a meeting between Tsipras, Hollande, German Chancellor Angela Merkel and EU President Donald Tusk, after the threat of expulsion from the euro put intense pressure on Tsipras to swallow politically unpalatable austerity measures in exchange for the country's third bailout in five years. 
 
 "We took the responsibility of the decision to be able to avert the harshest outcome," Tsipras said. "We managed to avert the demand to transfer Greek assets abroad, to avert the collapse of the banking system." 
 
 The deal includes commitments from Tsipras to push a drastic austerity program including pension, market and privatization reforms through parliament by Wednesday. In return, the 18 other eurozone leaders committed to start talks on a new bailout program that should stave off the imminent collapse of the Greek financial system. 
 
 A Cypriot official said the creditors would look into bridge financing for Greece later Monday, suggesting that the political decision could pave the way for the European Central Bank to extend emergency liquidity assistance to Greek banks. Without it, they risk running out of cash this week. The official spoke only on condition of anonymity because he was not authorized to discuss the deal publicly. 
 
 If the talks had failed, Greece could have faced bankruptcy and a possible exit from the euro, the European single currency that the country has been a part of since 2002. No country has ever left the joint currency, which launched in 1999, and there is no mechanism in place for one to do so. 
 
 Greece had requested a three-year, 53.5 billion-euro ($59.5 billion) financial package, but that number grew larger by the tens of billions as the negotiations dragged on and the leaders calculated how much Greece will need to stay solvent. 
 
 A discussion paper put to eurozone leaders Sunday and obtained by The Associated Press spoke of a potential "time-out from the euro area" for Greece if no agreement could be found. 
 
 Greece has received two previous bailouts, totaling 240 billion euros ($268 billion), in return for deep spending cuts, tax increases and reforms from successive governments. Although the country's annual budget deficit has come down dramatically, Greece's debt burden has increased as the economy has shrunk by a quarter. 
 
 The Greek government has made getting some form of debt relief a priority and hopes that a comprehensive solution will involve European creditors at least agreeing to delayed repayments or lower interest rates. 
 
 Greek debt stands at around 320 billion euros ($357 billion) — a staggering 180 percent or so of the country's annual gross domestic product. Few economists think that debt will ever be fully repaid. Last week, the International Monetary Fund said Greece's debt will need to be restructured. 
 
 ___ 
 
 Menelaos Hadjicostis and John-Thor Dahlburg in Brussels contributed to this story. ||||| FRANKFURT A Greek exit from the euro zone could expose the European Central Bank and the currency bloc it seeks to protect to hundreds of billions of euros in losses, landing Germany and its partners with a crippling bill. 
 
 A Greek departure would take Europe into uncharted legal waters. The size of the burden other euro zone states could bear gives them a powerful incentive to keep Greece in the currency club. 
 
 With most of Greek's private creditors having taken heavy writedowns as part of the country's second, 130 billion euros bailout, it is estimated that the ECB, International Monetary Fund and euro zone nations hold approaching 200 billion of its debt. 
 
 "In the event of an exit, they (Greece) will default. And the loss given default will probably be very high, high enough to eliminate the ECB's capital," said Andrew Bosomworth, senior portfolio manager at asset manager Pimco. 
 
 "They might need recapitalization from governments, who are not exactly in the best position to provide additional capital." 
 
 Those are not the only losses the ECB and its national shareholders might face as is explained in detail below. 
 
 Even once Greece had left the currency club, the costs to the rest of the euro zone would continue to mount as it would probably be compelled to avert a complete Greek collapse and wider contagion. 
 
 "Large-scale ECB intervention would be necessary to stabilize the system, along with intervention from Germany, the European Stability Mechanism (ESM), its predecessor the European Financial Stability Facility (EFSF) and the IMF, potentially costing hundreds of billions of euros," said Georgios Tsapouris, investment strategist at Coutts. 
 
 The ECB, which has its own paid-in capital of 6.4 billion euros, is essentially a joint venture between the 17 euro zone national central banks (NCBs). Combined, the Eurosystem of euro zone central banks has capital and reserves of 86 billion euros. 
 
 The national central banks would divide up any losses between them according to the 'capital key' - the ECB's measure of countries' stakes in its financing based on economic size and population. Germany would bear the biggest loss, some 27 percent of the total. 
 
 France would take a big hit too. 
 
 A Greek exit from the euro zone could cost the French taxpayer up to 66.4 billion euros and saddle the country's banking system with 20 billion euros in lost loans, according to a study published on Tuesday by the IESEG School of Management in Lille. 
 
 Smaller countries with less robust national central banks than the German Bundesbank would likely be still harder hit in relative terms. 
 
 "The ECB and some of the NCBs with little loss-absorbing capital and reserves relative to their share of how a loss would be allocated across the Eurosystem would potentially see their capital and revaluation reserves written off," Bosomworth said. 
 
 However, with fresh Greek elections called for June 17 and an anti-bailout leftist party ahead in the polls, some within the EU's corridors of power wonder whether the show is worth keeping on the road. 
 
 "It's going to hurt, absolutely. But is it going to be lethal?" one EU diplomat said. "We have two bad choices, but one is worse than the other." 
 
 TRIPLE WHAMMY 
 
 The ECB and national central banks are exposed to Greece in three main ways: via Greek sovereign bonds the ECB holds, via Greek collateral they hold in return for ECB loans and via Greece's liabilities for transactions over the euro zone's TARGET2 payments system. 
 
 The ECB has spent about 38 billion euros on Greek government debt with a face value of about 50 billion euros. 
 
 Under a scenario described in German weekly Der Spiegel, the euro zone's EFSF bailout fund could be used in the event of a Greek default to continue funding Greece's debt obligations to the ECB. 
 
 However, this would eat into the resources of the 'firewall', eroding its capacity to help other euro zone states which might well need to be protected if a Greek exit sparked contagion. 
 
 An alternative scenario could see the national central banks turning to their governments to recapitalize the ECB. But going cap in hand to politicians for money they are desperately short of risks undermining the ECB's independence. 
 
 ECB loans to Greek banks are another way the central bank is exposed but in this case, although the ECB conducts these medium- and long-term lending operations (MROs and LTROs), the funds are distributed via the national central banks and carried on their balance sheets. 
 
 A Bank of Greece financial statement on its website showed that as of January 31 it had lent out some 15 billion euros in MROs and 58 billion euros in LTROs - a total of 73 billion. 
 
 It was holding 143 billion euros in assets eligible as collateral for euro zone monetary policy operations. 
 
 Berenberg Bank economist Christian Schulz said that in the event of a Greek exit these loans and most of the collateral may be converted into a new Greek currency. 
 
 "The ECB/Eurosystem would not bear the risk anymore," he added, noting that the Bank of Greece would instead be left with the - likely devalued - loans and collateral. 
 
 TARGET RISK 
 
 But any funds Greek banks had taken using ECB loan operations that had subsequently found their way out of Greece could pose a problem. These would be added to the Bank of Greece's liabilities under the TARGET2 payments system. 
 
 The Bank of Greece and other peripheral euro zone countries have built up liabilities within the euro zone's cross-border payment system, TARGET2, due to a net outflow of payments to other countries in the bloc, a trend exacerbated by the debt crisis. 
 
 The Bank of Greece's financial statement showed that as of January it was carrying TARGET2 liabilities of 107 billion euros - a sum that has likely remained around that level since and which represents a big potential problem for the other euro zone central banks. 
 
 "TARGET2 is the biggest risk if they really take that loss," said Schulz, adding that a Bank of Greece collapse would leave central banks remaining in the euro zone with a loss. 
 
 "But it's far from clear whether the full TARGET2 balance would be what Europe would lose," he added. 
 
 The ECB could monetize any net TARGET2 loss in the event of a Greek euro exit by printing money but that would come with an inflationary effect unpalatable to policymakers in Germany, the bloc's most powerful player. 
 
 Beyond the accounting implications for euro zone central banks is the systemic impact a Greek euro exit would have on the bloc's banking system. Savers in other periphery countries are likely to take flight. 
 
 "If they see that Greek savers have seen their euro savings overnight being converted into drachma, which could depreciate by 50-70 percent, then it would be a fairly simple hedge strategy for them to take out some of their savings and put them into Luxembourg, or pounds sterling, or Swiss francs," said Bosomworth. 
 
 Ultimately, Greece will decide whether it leaves the euro zone but the ECB can try to head off such a scenario. 
 
 ECB President Mario Draghi said on Wednesday that "our strong preference is that Greece will continue to stay in the euro zone". 
 
 "What they can do is try to prevent contagion - where they have a very significant role - and they will probably also try to convince participants on all sides to keep Greece in the euro area," said Citigroup economist Juergen Michels. 
 
 (Additional reporting by Sinead Cruise, writing by Paul Carrel, editing by Mike Peacock and Janet McBride)
– Europe has hundreds of billions of reasons to try to keep Greece from unceremoniously ditching the eurozone. If Greece leaves, the rest of Europe would face catastrophic losses, Reuters reports. Greece would default on the roughly $250 billion in debt held by the ECB, IMF, and other eurozone nations, and that loss will likely be "high enough to eliminate the ECB's capital," one investor said. And the losses wouldn't end there because Europe would still probably have to prevent a total collapse or risk economic contagion. How bad could it get? One Guardian estimate puts the total cost at $1 trillion. But it's looking increasingly unlikely Greece will abide by its bailout deal; new elections are looming, and polls favor Alexis Tsipras' far-left party. In a BBC interview, Tsipras urged Europe, and particularly Angela Merkel, to "stop playing poker with the lives of people" by demanding such harsh austerity measures. That defiance has some European decision-makers pushing to rip the Band-Aid off and boot Greece. "It's going to hurt, absolutely," one diplomat tells Reuters. "But is it going to be lethal?"