Deadline looms for Greek debt proposals

The Greek government has until midnight, Brussels time, on Thursday 9 July 2015 to submit its new debt proposals to its international creditors.  

Eurozone leaders were disappointed on 7 July when no substantive proposals were tabled by the Greek prime minister, Alexis Tsipras, or his newly appointed Finance Minister, Euclid Tsakalotos, and have made it clear that today is a drop dead date for those to be produced.  

Those Greek plans will then be considered in detail, prior to consecutive meetings of the Eurozone Finance Ministers, the Eurozone leaders and, finally, of all 28 EU leaders, on Sunday 12 July.  

Indications so far are not looking optimistic for Greece with  the head of the European Central Bank, Mario Draghi, quoted on 9 July in an Italian newspaper (Il Sole 24 Ore) as saying that he doubts a solution will be found for Greece and with Jens Weidman, the head of the Bundesbank, the German Central Bank, insisting that the ECB should not, at present, provide any additional emergency funding for Greece. 

However, the Greek government seems confident it will meet the deadline and produce proposals which may enable a deal to be done.

As was widely anticipated, the closure of the Greek banks, and the controls on capital, will continue until, at the very least, Monday 13 July.