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    Greece to Present Proposals to Creditors by Midnight - Source

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    Athens will present its proposals to Greece's international creditors by midnight Thursday, a source familiar with the situation said.

    ATHENS (Sputnik) — On Tuesday, the Eurozone leaders set an end-of-Thursday deadline for Greece to present economic proposals in exchange for debt restructuring and investment in the Greek economy by the European Union.

    Greek Prime Minister Alexis Tsipras (bottom R) acknowledges applause during a parliamentary session in Athens, Greece June 28, 2015
    © REUTERS / Alkis Konstantinidis

    "The proposals will be sent by midnight, as envisaged," the source told RIA Novosti.

    The proposals will be reviewed by creditors over the next couple of days before being submitted at the EU Summit on Sunday.

    A failure to submit proposals may result in Athens failing to secure additional loans, and pushing the heavily indebted nation out of the Eurozone.

    Without additional financial assistance, Greece will not be able to pay back the immense debt accumulated by previous governments.

    Greece’s next payment of $3.9 billion is due July 20 to the European Central Bank. The country's overall debt stands at about $350 billion.

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    Greece's Gordian Knot: Syriza Tackles Austerity (404)

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