Greece sent its European creditors a proposal on Thursday in a last-moment bid to unfreeze talks on its bailout program and end uncertainty over its future in the euro. Although, hopes of a deal were quickly dampened by the main creditor, Germany. Germany says the letter from the new Greek government ‘is not a substantial proposal for a solution.’ Greece’s European bailout program expires on February 28. If no deal is reached by then, the ECB would face increased pressure from eurozone governments to cut off emergency financing for Greek banks. If a deal is not reached, it could place a big strain on the country’s financial system. The government could be forced to print its own currency and leave the euro.
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