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 President of the European Council, Donald Tusk, who will chair Sunday's meeting, said on Thursday that he had spoken to Mr Tsipras and hoped to receive "concrete and realistic proposals of reforms from Athens". Such proposals "will have to be matched by an equally realistic proposal on debt sustainability from the creditors. Only then will we have a win-win situation," Mr Tusk added.
However 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.(Source: BBC)
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