Greece debt crisis. Deadline

Greece debt crisis: Deadline day for new
proposals
9 July 2015 Europe
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 said the "next hours will be
crucial".
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 a rush of withdrawals.
Follow the latest updates here
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.
'Viable solution'
Mr Tsipras returned to Athens on Wednesday night after
meetings in Brussels and an address to the European
Parliament.
He is now meeting cabinet ministers and finance officials to
finalise the new proposals.
Mr Tsipras said on Wednesday evening: "I think we're
proceeding within the framework of what was agreed and
the next hours will be crucial."
Crisis countdown
Thursday 9 July: deadline for Greece to submit
proposals
Saturday 11 July: eurozone finance ministers meet
Sunday 12 July: all 28 members of the European Union
meet to decide Greece's fate
Monday 20 July: €3bn payment due from Greece to the
European Central Bank
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He has pledged to submit "new concrete proposals, credible
reforms, for a fair and viable solution" by the end of
Thursday. However, the details are scant.
Greece has said it wants a major restructuring of its massive
debt, and on Wednesday formally submitted a request for
an unspecified loan from the European Stability Mechanism
bailout fund .
This would be a fresh loan "to meet Greece's debt
obligations and to ensure stability of the financial system",
Greece says.
In return it has suggested it will implement new pension and
tax measures from Monday.
French PM Manuel Valls said this was a step in the right
direction.
And Christine Lagarde, managing director of the International
Monetary Fund (IMF), one of Greece's creditors, on
Wednesday admitted that "[restructuring] is needed in the
case of Greece for it to have debt sustainability".
She said: "Greece is in a situation of acute crisis, which
needs to be addressed seriously and promptly."
On Thursday, EU Economics Commissioner Pierre Moscovici
said he was hopeful of a new deal: "I have the sense that the
dialogue is established, or restored, and that there is a way
out."
Greek scenarios
What happens next?
European Stability Mechanism explained
Greece's creditors - the European Commission, the European
Central Bank and the IMF - have already provided more than
€200bn in two bailouts since a rescue plan began five years
ago.
The second bailout expired on 30 June.
The creditors had hoped for new, concrete proposals from
Greece at a meeting on Tuesday but these were not
submitted and they instead agreed to set a new deadline of
Thursday.
Greece has been warned this is the "final deadline".
European Council President Donald Tusk said this was "now
maybe the most critical moment in the history of the
eurozone".
"This is really and truly the final wake-up call for Greece and
for us, our last chance," he said, adding that failure "may lead
to the bankruptcy of Greece".
The head of the German central bank, Jens Weidmann, said
on Thursday the ECB should not provide any more
emergency liquidity to Greek banks "until an appropriate
support package has been agreed by all parties".
On Wednesday, Mr Tsipras, speaking during a fractious
debate in the European Parliament, criticised previous
bailouts for turning Greece into an "austerity laboratory".
He was speaking after the Greek people decisively rejected
the latest proposals from creditors in a referendum on
Sunday.
Mr Tsipras's Syriza party was elected in January on a pledge
to oppose the harsh austerity measures demanded by
creditors.