On its final deadline, the Eurozone and the International Monetary Fund have warned Greece to come up with a strategic plan to fix the country's bankruptcy.
TIME reports the failure to propose "structural measures" for a new bailout package for IMF on Thursday, and present a detailed action plan to save itself from financial crisis on Sunday's E.U. summit, signals the "black scenario", which means the Greeks' exit from the European Currency Union.
"I'm strongly against Grexit but...I can't prevent it if the Greek government is not doing what we expect the Greek government to do," said European Commissioner Jean-Claude Juncker, who heads the authoritative European Union secretariat in Brussels. "We have a 'Grexit' scenario prepared in detail."
This followed the Greeks' resistance to agree with the terms laid out by the creditors to settle the country's bail-out program. Greece has previously failed to comply with IMF's Calendar of Debt deadlines for a number of times, due to its bankruptcy that accumulated billions of IMF debt.
In a summit that will gather 28 member countries on Sunday, Greek Prime Minister Alexis Tsipras is expected to present an acceptable economic plan that would rescue the Greeks from its dark financial crisis.
Juncker added that aside from Greece, other European countries such as Bulgaria and Romania will likely suffer financial collapses, since Greek banks own some parts of their banking systems. Greece will possibly join these non-Eurozone countries if all else fails.
"The situation is really critical and we can't exclude the black scenario," said E.U. Council President Donald Tusk.
German Chancellor Angela Merkel told Time that IMF demands "prior actions" from the Greeks' new bailout plan before any other settlements. "First come the long-term proposals, then the readiness to talk about short-term measures."
Merkel added that Greece claimed last week that it only needed €29 billion for the last two years, when IMF declares about €50 billion.
