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In a statement Thursday, Blanchard said the world economy has “withstood the stress tests of the last two weeks fairly well”.

The government of Greek Prime Minister Alexis Tsipras drafted a new proposal it hopes will convince creditors to let the country stay in the euro.

The ECB is now keeping Greek banks – and by extension the Greek economy – afloat via its Emergency Liquidity Assistance, or ELA, facility.

Speaking amid a mix of boos and cheers at the European Parliament on Wednesday, Greek Prime Minister Alexis Tsipras vowed that a “credible” plan would be in creditors’ hands within the next 48 hours, and that it would include key changes to the country’s...

Details of Greece’s reforms must be submitted today, giving time for creditors to review them ahead of a summit of the European Union’s 28 members set for Sunday.

France, he said, is listening to those countries that accept the idea of a Greek exit from the euro but that it’s important for his country “to facilitate, and above all keep a broad perspective” on the fact that the idea of European unity is also at stake.

Creditors had wanted more spending cuts in exchange for extending the country’s multibillion euro bailout deal until November.

“So that cannot happen and will not happen”.

That has forced the negotiations to stretch into the weekend.

Greece will stay in the euro.

Greece has asked for a delay on the payment from the European Central Bank, but such delays are rarely granted, the analysts said.

A demonstrator walks along a road with leaflets reading “no” scattered on the ground, following a demonstration supporting the no vote on the upcoming referendum, outside of the European Union office in central Athens, on Thursday, July 2, 2015.