Greece's New Reform Proposals Expected Thursday

EU leaders are waiting on Thursday for a fresh reform package to be proposed by Greek Prime Minister Alexis Tsipras that secure a third bailout for his country.

After an emergency Eurozone summit held Tuesday, top EU officials and German Chancellor Angela Merkel called on Tsipras to deliver a proposal by Thursday at the latest which could be given the green light at another, this time EU-28, summit due on Sunday.

Greeks rejected in a referendum last week a previous list of bailout conditions put forward by international lenders (the European Union, the European Central Bank, and the International Monetary Fund).

But Tsipras, who had openly advocated the "No" campaign in the national poll, is now urging the EU to grant Athens another package spanning three years.

The Southeastern European country is in a bank holiday, and lending companies will remain closed by July 10 (contrary to initial estimates which suggested they might open the day before). This means banks are unlikely to be in service before Monday, July 13.

Currently ATM devices allow the withdrawal of up to EUR 60 a day.

Louka Katseli, who heads the Greek bank association, is quoted by international media outlets as saying that ATMs are likely to run out of cash by the evening of July 13.

Tsipras late on Wednesday held meetings with President Prokopis Pavloupolos and leaders of other political parties in Athens, hours after having visited the European Parliament where he drew much criticism from a number of MEPs for his government's attitude to talks with EU institutions.

Meanwhile the US also came up with a position on the developments in Greece, with Treasury Secretary Jack Lew calling a prospective Grexit "a geopolitical mistake"....