European Markets Hope For Greek Deal By The End Of The Day

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European markets will be holding their collective breath on Monday as Greece and its creditors attempt to make a last minute deal before the nation defaults on its International Monetary Fund loan on June 30. Greek Prime Minister Alexis Tsipras has
submitted
a final reform proposal which he believes includes enough concessions to satisfy the nation's eurozone creditors but still preserves the Syriza party's anti-austerity ideals. However, it remains to be seen whether or not EU officials will accept the proposal and unlock Greece's next installment of bailout money.
Time Pressure
With just over a week to go before Greece defaults on its IMF loan, the nation is running out of time to strike a deal with creditors. Although Athens still has 8 days to scrape together funding to repay its loan, it will be a complicated, and probably time consuming, process to make arrangements to send EU bailout money to Athens.
Banks Crumbling
The state of Greece's banks is also weighing on Tsipras as he tries to work out a deal with creditors. Nervous Greek residents have been rushing to withdraw their funds from the nation's banks, something that has made Greece's major banks nervous. Last week the
National Bank of GreeceNBGwarned
that failure to reach a deal on Monday could create a dire situation for the bank. While the nation has not enacted any capital controls in order to minimize the banks' outflows, many worry that without an agreement on the table Greek banks will be forced to limit withdrawals in order to remain functional.
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Posted In: NewsEurozoneGlobalTop StoriesMarketsDiversified BanksFinancials
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