Grexit: Greece submits new bailout request
Greece has officially submitted a new bailout request, 24 hours after it was due to present new proposals to European leaders, it has been reported.
Read more: Tsipras wants final exit from crisis
The news comes shortly after Greek Prime Minister Alexis Tsipras was slammed in the European parliament by a German MEP, who said he was "destroying confidence in Europe".
Manfred Weber also said Tsipras should "apologise" for referring to creditors as "terrorists", saying it was an "unacceptable statement".
The outcry came after Tsipras urged Europeans to get behind the country.
This is not exclusively a Greek problem, this is a European problem and European problems require European solution.
He also said Greece had been "transformed to an austerity laboratory. This experiment has not been a success".
"Let us not allow it to become a divided Europe. We are called upon to produce a fair compromise that will avoid a break off in negotiations. This is in line with the traditions of the European Union."
Tsipras was speaking hours after European Council president had, in unambiguous terms, outlined the real threat of the crisis.
The stark reality is that we only have five days to find the ultimate agreement. Until now I avoided talking about deadlines, but tonight I have to say it loud and clear – the final deadline ends this week.
European leaders – including those from outside the Eurozone – are due to meet on Sunday to discuss the crisis.
Today Barack Obama encouraged the two sides to reach a deal, telling German Chancellor Angela Merkel it was in "everyone's interest to reach a durable agreement".