Hollande: We must do all to keep Greece in eurozone

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ATHENS, Greece (AP) — French President Francois Hollande says everything must be done to keep financially-ailing Greece in the eurozone.

Hollande said that "if the Greeks leave the eurozone it won't be positive for the Greeks or Europeans."

The French leader spoke to reporters in Milan Sunday after meeting with Italian Premier Matteo Renzi.

Hollande said "we need stability" especially since much of Europe is beginning to rebound economically.

He said that "for this reason we must reach an accord" between Greece and its creditors.

There will be an emergency eurozone summit on Monday in Brussels.

Renzi said European leaders were working so that "in the next hours ... there will be an agreement" over Greece.

He didn't provide any more details.

THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below.

A day ahead of a crucial emergency eurozone summit, Greek Prime Minister Alexis Tsipras has presented a new proposal in calls to French President Francois Hollande, German Chancellor Angela Merkel and European Commission President Jean-Claude Juncker.

A government source close to the talks says Tsipras "presented to the three leaders Greece's proposal for a mutually beneficial agreement, which will provide a permanent solution and not just postpone tackling the problem." The source is not authorized to be named in the media.

Tsipras has been meeting with his senior ministers all day and will leave for Brussels later Sunday.

The governing Syriza party is holding an Athens rally later Sunday in support of the government — that comes after a strong rally Thursday of those favoring a deal with the EU.