Greece Must Present New Proposals Before End of Day

Greece has until the end of Thursday to present new proposals to secure a third bailout from creditors and prevent a possible exit from the eurozone.

Prime Minister Alexis Tsipras says the “next hours will be crucial”.

His cabinet is meeting to discuss the plans which need to be submitted to Greece’s creditors by 22:00 GMT on Thursday.

The new proposals will be studied by eurozone finance ministers on Saturday and a full EU summit on Sunday.

The Greek government has meanwhile extended bank closures and the €60 (£43; $66) daily limit on cash machine withdrawals until Monday.

The curbs were imposed on 28 June, after a deadlock in bailout talks with creditors led to a rush of withdrawals.

Louka Katseli, the head of the Greek bank association, said on Thursday that there was enough liquidity in cash machines to serve the public until Monday.

The German Chancellor Angela Merkel said that “a classic haircut” (meaning reducing the value of Greece’s debts) was “out of the question” for her.

via BBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza