Major efforts are being made in the past few hours on an international level, in an effort to avert the dramatic consequences that a possible Greek default may have on the global credit system, following the Greek government’s decision to carry out a referendum on Sunday, 5th of July.

Meanwhile, the President of European Council Donald Tusk has called a Summit meeting for Wednesday 1st of July, in an effort to defuse the critical situation. The latest media reports indicate that American president Barack Obama and US Treasury Secretary Jack Lew are pressing for debt relief to be on the agenda, something which the creditors have vehemently rejected thus far.

The American President contacted German Chancellor Angela Merkel and French President Francois Hollande over the weekend, stressing the need for Greece to implement reforms that will contribute towards growth, while remaining a member of the Eurozone. Mrs. Merkel will meet with other German leaders on Monday, while Mr. Hollande has arranged a ministerial council meeting to consider options.

Meanwhile the US Secretary Jack Lew has been in contact with his German and French counterparts – Wolfgang Schäuble and Michel Sapin – as well as the director of the International Monetary Fund Christine Lagarde. Mr. Lew contacted the Prime Minister Alexis Tsipras on Monday, stressing the need for the continuation of negotiations between Greece and its creditors. An spokesman for the US Treasury added that Mr. Lew noted that it was important for Athens to demonstrate its commitment to reforms and that all sides should discuss the possibility of debt relief.