Greek financial proposal deadline looms; capital controls extended

ATHENS, Greece, July 9 (UPI) -- The Greek financial reform proposal deadline set by creditors looms Thursday as the government has extended bank closures and capital controls.

The deadline was set by Greece's international creditors, the European Commission, the International Monetary Fund and the European Central Bank, after nearly 61 percent of Greek participants in the Sunday referendum voted "no" on the terms the lenders set for a third bailout.

"I think we're proceeding within the framework of what was agreed and the next hours will be crucial," Greek Prime Minister Alexis Tsipras said, promising "new concrete proposals, credible reforms, for a fair and viable solution."

Greece quietly submitted a formal request for a new 3-year bailout aid package while a European Parliament debate was taking place Wednesday. The new amount for the bailout has not been requested, but it could easily be more than $55 billion.

All 28 members of the European Union will attend a summit on Sunday to discuss Greece's fate.

Greece has already received more than $220 billion in two bailouts since the rescue program began about five years ago. The country has a public debt of about $356 billion.

Bank closures and capital controls are extended until Monday.

People in Greece will remain limited to withdrawing up to $66 a day at ATMs due to the capital controls first imposed on June 28 after a failure to reach an agreement led the ECB to cap emergency liquidity assistance to Greek banks.

The ECB will not continue to cap emergency liquidity "until an appropriate support package has been agreed by all parties."

Greece has a $3.9 billion payment due to the European Central Bank on July 20. On June 30, Greece became the first developed nation in history to default on a loan from the IMF.

Greece may be forced out of the Eurozone economic bloc if a deal is not reached.