Greece has a plan. According to a tweet from the spokesman for Eurogroup president Jeroen Dijsselbloem, a new Greek bailout proposal has been received. The tweet, sent by Michel Reijns, said, "New Greek proposals received by #Eurogroup president @J_Dijsselbloem, important for institutions to consider these in their assessment." The Financial Times added that this plan is part of a request for a new 3-year bailout. Following Reijns' initial tweet, Martin Selmayr, the head of cabinet for European Commission president Jean-Claude Juncker tweeted that, "Signed letters are needed." Earlier Selmayr had responded to a report from Peter Spiegel of the Financial Times that the proposal had been received writing only, "Not yet." So there is still a bit of bureaucratic legwork, it seems, left to be done. Greece had a deadline of midnight tonight to submit a plan. Earlier reports by Bloomberg, citing Skai TV, said that Greek parliament would vote on these proposals on Friday. A Eurogroup meeting is scheduled for Saturday, and on Sunday all 28 European Union members will convene a summit. The Eurogroup is comprised only of the 19 finance ministers from euro-using members of the EU. At this point it's unclear exactly what Greece's new plan entails, and this post will be updated as we find out new details. The reality is, however, that Greece needs some sort of plan to get approved. Reports in recent days have indicated that Greek banks — which have been closed for over a week and will remain closed until Monday — may only have enough cash to last 4 more days. Capital controls have also been in place over the same period limiting the amount of cash that can be taken out of ATMs by Greeks to 60 euros per day.SEE ALSO: The drachma resurfaces in Greece Join the conversation about this story » NOW WATCH: How much sex you should be having in a healthy relationship
 |
| READ THE ORIGINAL POST AT uk.businessinsider.com |
