The government of GreekPrime Minister Alexis Tsipras drafted a new proposal it hopes willconvince creditors to let the country stay in the euro.
The package of economic reforms and spending cuts, put togetherwith help from France, was approved by a majority of the country'scabinet ministers and is due to be submitted by midnight Brusselstime. The proposals are set to be discussed at a summit of EuropeanUnion leaders Sunday to determine whether the country will get anew bailout, or be forced to leave the single currency.
Although the odds of a so-called Grexit have climbed, “we continue tosee Greece staying in the euro as marginally more likely, not leastbecause the majority of Greeks prefer so,” Deutsche Bank analystswrote in a note to clients. “Europe is intent on forcing an outcomeeither way.”
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