EUROPEAN UNION heads of government will meet in Brussels on Sunday for an emergency summit to discuss humanitarian aid for the Greek people, the President of the European Council, Donald Tusk, has said.

After the referendum last Sunday in which 60 per cent of Greek voters said “no” to the EU’s bailout conditions, the Greek government was set a new deadline of yesterday to present new proposals to deal with its debt crisis, with a warning that if no agreement WAS reached today (Friday), “it will mean the end of the negotiations with all the possible consequences,” Mr Tusk told reporters. “Our inability to find agreement may lead to the bankruptcy of Greece and the insolvency of its banking system. And it will be most painful for the Greek people.”

The President of the European Commission, Jean-Claude Juncker, told the same press conference that the Commission had a “Grexit scenario prepared in detail”, including “a scenario as far as humanitarian aid is concerned.”

Greece owes its creditors — mainly public bodies and corporate investors — in excess of €323 billion, and its banks have been subjected to a forced shut-down for the past two weeks.

A spokeswoman at Church House said that “the Church Commissioners and the Pensions Board have very little direct exposure to public equities listed in Greece.”