Greece Wednesday asked its battle-weary international creditors for more financial aid as it prepares to present a new set of reform proposals that could determine whether it either goes bankrupt or returns to a degree of economic stability.
The move comes after euro zone leaders gave Greece a final deadline – Friday morning -- to come up with viable reform proposals or face an exit from the euro zone. But whether lenders can agree to the plans after five months of inconclusive negotiations over reforms is uncertain.
Greek Prime Minister Alexis Tsipras did not appear to be in a placatory mood when addressing the European Parliament on Wednesday, however, lambasting Europe's advocacy of austerity and the efficacy of Greece's bailout programs since 2010.
He did, however, promise that detailed, "concrete" would be presented Thursday.
Greek Economy Minister Giorgos Stathakis told CNBC that on Wednesday the Greek government would also request financial aid for Greece to tide the country over the next 18 to 24 months. The European Stability Mechanism (ESM) said Wednesday morning that it had received a formal loan request from Greece.
The Greek crisis came to a head last Sunday when 61 percent of Greeks voted in a referendum against the country's austerity-heavy bailout program proposed by its creditors.