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The eurozone turned the screw after finance ministers finished two days of intense talks on Greece’s reform proposals drawn up to satisfy its global creditors – the EU, the European Central Bank and the global Monetary Fund.

Greek lawmakers have approved a government motion seeking authorization for reform proposals as a basis for negotiations for a third bailout in talks with global creditors this weekend.

Lawmakers in the Greek parliament overwhelmingly backed a package of economic reforms and further austerity measures, in the hope that it would convince European creditors to back a third bailout of the country.

A full summit of all 28 European Union leaders will vote on Greece’s proposal on Sunday. In particular, the reforms proposed list includes measures worth about 12 billion euros focusing on the taxation and pension systems, according to “Naftemporiki” (Shipping...

Pro-EU and pro-Euro – they voted “Yes” in the referendum.

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

“It’s clear that talks are likely to include some extent of debt recast or write-downs to provide relief to Greek public finances”.

United States stocks fell on Monday, taking their cue from a downbeat session in Europe, while government bond prices rose, following Greek voters’ overwhelming rejection of the country’s latest bailout terms.

The finance ministers would then hold a conference call to discuss whether the request was viable.

“In this context, the Governing Council decided today to adjust the haircuts on collateral accepted by the Bank of Greece for ELA“.

Tightening the ELA would have forced Greece to lower its 60 euros-a-day ($66) limit on cash withdrawals.