No amount was mentioned.
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‘The ESM has received the Greek request, ‘ a spokesman for the European Stability Mechanism said on Wednesday.
He promised to deliver on detailed reform proposals by the end of Thursday, but slammed attempts to “terrorize” Greeks into voting for “never-ending austerity“.
A Greek government official, speaking in Athens on the condition of anonymity, said the Greek proposals, once they arrived in Brussels, would be a revised version of measures submitted early last week in a letter from Tsipras to creditors. Such a move would potentially force Greece off the euro, and back to its previous currency, the drachma, economists have speculated. The latest bailout program ended last week.
Spanish Prime Minister Mariano Rajoy said that if Greece is to remain part of the eurozone, it needs to enact reforms that will spur economic growth and pay off its debt.
Markets are holding up despite the apparent ultimatum, with many investors predicting a last-minute deal.
The lack of progress on Greece anxious stock markets in Europe, where the Stoxx 50 index of top companies was down 2.1 percent on Tuesday.
Greece has been granted two bailout programs worth a total of 240 billion euros ($266 billion) in loans from other eurozone countries and the International Monetary Fund.
Contingency plans on Greece leaving the Eurozone are already being drawn up and include sending humanitarian aid and imposing border controls. “A deal absolutely must be found on Sunday because it will be too late after that and the consequences will be serious”, he told French radio, adding that “there could be riots… and chaos in the country”. He also indicated the European Central Bank would effectively pull the plug on its emergency liquidity measures for Greek banks if no deal is struck.
Tsipras’ calling of last Sunday’s referendum was a leverage political play to demonstrate to the other nations – and possibly even himself – that he has a mandate from the Greek people.
Noyer said it was “impossible” to re-open the banks while confidence was so low because there would be an “immediate run” on tellers. A few called for compromise.
Athenians awoke yet again Tuesday to the bleak reality of closed banks and more lines at cash machines for their daily withdrawal limit of €60 euros, amid dread the ATMs could soon be running empty.
Berr said Tsipras has benefited from a feeling among Greek citizens that after suffering through years of austerity, they don’t have anything to lose.
“We need an agreement that will show that ‘there is light at the end of the tunnel, ‘” Tsipras said during a European Parliament session in Strasbourg.
An Athens official said the plan calls for reforms, investment and debt settlement.
Another, who also praised his intelligence and modesty, said Tsakalotos had broken the ice with a witty play on the forename he shares with the ancient Greek mathematician.
All 28 European Union leaders will then examine the plans on Sunday in a make-or-break summit that will either save Greece’s moribund economy or leave it to its fate.
European Commission President Jean-Claude Juncker, who has sought to keep Greece in the euro, was more cautious.
“We have a Grexit scenario, prepared in detail”, he said, apparently referring to the situation in which Greece would be forced out of the currency union.
Tsipras also appealed for unity on all sides after six months of deep rifts with eurozone colleagues over the Greek debt crisis, saying: “Let us not allow it to become a divided Europe”.
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Greece’s new finance minister clearly wanted to avoid alienating his European colleagues as had his fast-talking predecessor.
