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Greece Pledges New Proposal To Resolve Debt Crisis

People line up at an ATM outside a National Bank branch in Athens last month. Greek bank deposits fell by $6.3 billion in April and on Friday, people withdrew more than $1 billion in a single day.

A Greek minister is hinting that Athens will bring a new plan to the table at an emergency European Union summit next week to keep the country from defaulting on its sovereign debt and exiting the Eurozone.

"We will try to supplement our proposal so that we get closer to a solution," State Minister Alekos Flabouraris told Greek Mega television in a morning news show, according to Reuters. "We are not going there with the old proposal. Some work is being done to see where we can converge, so that we achieve a mutually beneficial solution."

The European Central Bank gave Greece more than $2 billion on Friday to prop up the country's banking system and to stave off a collapse as fearful Greeks withdrew more than $1 billion in a single day.

According to The Guardian: "If Greece does not receive a fresh bailout from its creditors by 30 June, it will be unable to meet the next repayment of €1.6bn ($1.8 billion) to the International Monetary Fund and could be turfed out of the single currency completely."

And, Reuters notes:

"It was not immediately clear how far Greece's leftist government, which won a January election vowing to lift its people out of austerity, is willing to bend in order to secure an agreement or what kind of additional offers it could make.

"While Greece has dug in its heels over demands for pension cuts and some tax rises, its leaders have continued to sound upbeat about the chances of reaching a deal — optimism that is not widely shared among Europe's leaders."

Meanwhile, German Chancellor Angela Merkel "has warned there must be a deal between Greece and its creditors ahead of Monday's summit. Otherwise, she said, the summit would not be able to make any decision," the BBC writes.

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