The package of economic reforms and spending cuts, put together with help from France, was approved by a majority of the country's cabinet ministers and is due to be submitted by midnight Brussels time. The proposals are set to be discussed at a summit of European Union leaders Sunday to determine whether the country will get a new bailout, or be forced to leave the single currency.
Although the odds of a so-called Grexit have climbed, “we continue to see Greece staying in the euro as marginally more likely, not least because the majority of Greeks prefer so,” Deutsche Bank analysts wrote in a note to clients. “Europe is intent on forcing an outcome either way.”
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