Greece debt crisis as it happened: EU comes round to US demands to scrap Greek debt... but Merkel has other plans

This isn't the first time a US-based institution has tried to secure debt relief for Greece

Athens has yet to submit a comprehensive proposal to creditors after Greeks voters overhwelmingly rejected previous bailout terms (Getty)

Here are the latest updates:

• EU comes round to US demands to scrap Greek debt... but Merkel has other plans

• European Commissioner promises 'there is a way out'... but economists say Grexit likely

•  Athens blinks first as Alexis Tsipras promises to 'immediately implement' reforms

• Will Greek troubles spill over to the rest of Europe and UK?

• The Greece debt crisis explained in less than 100 words

• Will Greek troubles spill over to the rest of Europe and UK?

• Greece travel advice Q&A: Tourists urged to bring cash not cards on holiday

• What are capital controls and how do they work?

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On Wednesday, Greece appeared to blink first with an application for emergency funding from the European Stability Mechanism.

In the letter sent to the ESM, the Athens government said it would “set out in detail its proposals for a comprehensive and specific reform agenda” that would avert national bankruptcy and an exit from the euro. These would include reforms to the tax and pension system, the letter promised.

Ministers were poised to receive an exact timetable for reforms on Thursday.

Banks in Greece will remain closed until Monday, Tsipras has said, signalling that without the emergency funding they do not hold enough cash to reopen.

The majority of economists now believe Greece will be forced to leave the Eurozone, according to a poll by Reuters on Wednesday. The 57 economists asked gave a median 55 per cent chance of Greece leaving the Eurozone. Reuters said it was the first time the balance had tipped to the likelihood of a so-called Grexit.