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Long lines in Greece as banks reopen; new proposal weighed

A demonstrator holds a banner during a rally organized by supporters of the YES vote for the upcoming referendum in front of the Greek Parliament in Athens, Tuesday, June 30, 2015. Greece's European creditors were assessing a last-minute proposal Athens made for a new two-year rescue deal, submitted just hours before the country's international bailout program expires and it loses access to billions of euros in funds. (AP Photo/Petros Karadjias)
A demonstrator holds a banner during a rally organized by supporters of the YES vote for the upcoming referendum in front of the Greek Parliament in Athens, Tuesday, June 30, 2015. Greece's European creditors were assessing a last-minute proposal Athens made for a new two-year rescue deal, submitted just hours before the country's international bailout program expires and it loses access to billions of euros in funds. (AP Photo/Petros Karadjias) A demonstrator holds a banner during a rally organized by supporters of the YES vote for the upcoming referendum in front of the Greek Parliament in Athens, Tuesday, June 30, 2015. Greece's European creditors were assessing a last-minute proposal Athens made for a new two-year rescue deal, submitted just hours before the country's international bailout program expires and it loses access to billions of euros in funds. (AP Photo/Petros Karadjias)

By Associated Press 6 min read

ATHENS, Greece (AP) – Eurozone finance ministers were set to weigh Greece’s latest proposal for aid Wednesday, hours after the country’s international bailout expired without a deal, cutting it off from vital financing and deepening fears over whether it will be able to remain in the eurozone.

With its failure to repay the roughly 1.6 billion euros ($1.8 billion) to the International Monetary Fund, Greece became the first developed country to fall into arrears on payments to the fund. The last country to do so was Zimbabwe in 2001.

Wednesday’s teleconference of eurozone finance ministers was to take place after the ministers said late Tuesday there was no way they could reach a deal to extend the bailout for Greece before the midnight deadline.

“It would be crazy to extend the program,” Dutch Finance Minister Jeroen Dijsselbloem, who heads the eurozone finance ministers’ body known as the eurogroup, said late Tuesday. “So that cannot happen and will not happen.”

As Greece’s leaders pushed new terms for a possible third bailout, they also struggled to cope with the consequences of shutting banks and the stock market this week.