Athens is hinting that it will bring a new proposal forward at an emergency European Union summit next week to keep the Greece from defaulting on its debt and exiting the Eurozone.
The European Central Bank gave Greece more than $2 billion on Friday to prop up the country's banks and to stave off a collapse. Greeks withdrew more than $1 billion in a single day.
"We will try to supplement our proposal so that we get closer to a solution," State Minister Alekos Flabouraris told Greek Mega television in a morning news show, according to Reuters. "We are not going there with the old proposal. Some work is being done to see where we can converge, so that we achieve a mutually beneficial solution."
"If Greece does not receive a fresh bailout from its creditors by 30 June, it will be unable to meet the next repayment of €1.6bn ($1.8 billion) to the International Monetary Fund and could be turfed out of the single currency completely," according to The Guardian:
"It was not immediately clear how far Greece's leftist government, which won a January election vowing to lift its people out of austerity, is willing to bend in order to secure an agreement or what kind of additional offers it could make.
"While Greece has dug in its heels over demands for pension cuts and some tax rises, its leaders have continued to sound upbeat about the chances of reaching a deal — optimism that is not widely shared among Europe's leaders."
German Chancellor Angela Merkel is reported by the BBC as stating that she, "has warned there must be a deal between Greece and its creditors ahead of Monday's summit. Otherwise, she said, the summit would not be able to make any decision."