Alexis Tsipras the Greek Prime Minister will present a new set of proposals to the Eurozone later today in an attempt to halt the meltdown of the Greek economy.
Tsipras will ask his countries creditors to take a 30% hair cut on their outstanding debt, after the Greek population rejected the Troika's latest bailout deal in Sunday’s referendum.
The ECB, IMF and European Commission have urged the Greek government to make “serious” proposals after months of negotiations. The ECB is keeping up the pressure by refusing to increase emergency lending to the Greek banks and demanding extra collateral for existing loans.
Tsipras is expected to agree too many of the reforms demanded by Troika, however, the Prime Minister will want a substantial reduction in the countries debt in return. Germany is adamant they will not write-off any of Greece’s debt saying it would destroy the euro.
Greece banks will remain closed today and tomorrow and Greeks will be limited to withdrawing a maximum 60 euros a day.
Despite the ongoing crisis in Greece and falling global stockmarkets the gold price continues to trade within a tight range. Gold is currently trading at £751.66 per ounce, silver £10.07 per ounce, platinum £681.55 per ounce and palladium £438.40 per ounce.