Greek PM likely to present new proposals at Eurozone meeting

Plan is said to include demand for Greece's debt to be cut by 30% after voters rejected international bailout referendum terms

Greek Prime Minister Alexis Tsipras is expected to announce new proposals at an emergency meeting of the Eurozone on the growing Greek debt crisis.

According to the BBC, the plan is said to include a demand for Greece's debt to be cut by up to 30 percent after voters rejected the international bail out referendum conditions.

Read more from our special coverage on "GREECE CRISIS"

• Germany, France demand 'serious' proposals from Greece
• Back aid for Greece but Athens must reform: Spain PM
• Fidel Castro congratulates Greek PM on referendum result
• Greeks 'deserve better': Finance Minister Euclid Tsakalotos
• Omkar Goswami: Why Grentry augured Grexit

Eurozone finance ministers have urged Greece to make new proposals after the country rejected the bailout referendum with a majority "No" vote.

 

German Chancellor Angela Merkel and French President Francois Hollande have also pressed Greece to make "serious" proposals.

Meanwhile, the European Central Bank (ECB) said it would maintain emergency cash support for Greek banks, which are running out of funds and on the verge of collapse.