Greece submits last-ditch proposal to avert bankruptcy, euro exit

On Monday, European officials and international lenders are holding emergency meetings with Greek Prime Minister Alexi Tsipras to try and hammer out a deal that would keep Greece solvent and a continuing members of the euro single currency. Tsipras has submitted a proposal that, according to Greek and European Union officials, includes new taxes and pension reforms. EU officials said the proposal, whose contents aren't yet public, is a "good basis for progress."

Unless Greece reaches a deal with creditors, it will be unable to repay a 1.6 billion euro ($1.8 billion) loan next week. Greece may have to impose capital controls as early as Tuesday to prevent Greeks from withdrawing all their money, if no progress is made. As the Reuters video below shows, however, Tsipras isn't only facing pressure from the EU, IMF, and European Central Bank: His Syriza party won power on a pledge to not give in to Greece's creditors, and many Greek voters expect him to stick to that promise. Peter Weber

The Week

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