World

The Latest: Eurozone summit on Greece drags into second day; 'compromise proposal' pitched

Greek Prime Minister Alexis Tsipras, left, speaks with, from left, European Commission President Jean-Claude Juncker, French President Francois Hollande and Belgian Prime Minister Charles Michel during a meeting of eurozone heads of state at the EU Council building in Brussels on Sunday, July 12, 2015. Skeptical European creditors raced Sunday to narrow differences both among themselves and with Athens, aiming to come up with a tentative agreement to stave off an immediate financial collapse in Greece that would reverberate across the continent. (AP Photo/Geert Vanden Wijngaert)

Greek Prime Minister Alexis Tsipras, left, speaks with, from left, European Commission President Jean-Claude Juncker, French President Francois Hollande and Belgian Prime Minister Charles Michel during a meeting of eurozone heads of state at the EU Council building in Brussels on Sunday, July 12, 2015. Skeptical European creditors raced Sunday to narrow differences both among themselves and with Athens, aiming to come up with a tentative agreement to stave off an immediate financial collapse in Greece that would reverberate across the continent. (AP Photo/Geert Vanden Wijngaert)  (The Associated Press)

The latest from Greece's financial crisis (all times local):

___

7:35 a.m.

Talks aimed at securing Greece's future in the euro have dragged into Monday with few signs that a meeting of the 19 leaders of the eurozone is coming to an end.

More than 15 hours after they started their discussions, Greek Prime Minister Alexis Tsipras appears to be holding out against two demands from his creditors: one related to the involvement of the International Monetary Fund in any bailout agreement, and the other a proposal that Greece set aside 50 billion euros ($56 billion) worth of state-owned assets in a fund for eventual privatization.

Summit chair Donald Tusk has presented a "compromise proposal," details of which remained sketchy Monday morning.

Any deal would see Greece accepting more austerity in exchange for a bailout to prevent its economy from collapsing.