By Jonathan Davies

Deadline day for Greece. Where have we heard that before? Ten days ago when it failed to pay €1.5 billion to the International Monetary Fund (IMF), making it the first advanced nation to miss a repayment to the IMF.

But here we are with another deadline. This time it appears to be all or nothing for Greece. Alexis Tsipras and his government have until the end of today (Thursday) to submit new proposals to secure a third bailout and avoid exit from the eurozone and complete economic meltdown.

Mr Tsipras said the "next hours will be crucial". He was expected to present proposals at a meeting of eurozone finance ministers on Tuesday, after Greek voters rejected proposals from creditors. But new finance minister Euclid Tsakalotos instead handed his European counterparts a hand written note.

If Greece does submit new proposals, eurozone finance ministers will study them on Saturday, before an emergency summit of all 28 EU leaders on Sunday.

Meanwhile, Greece extended the closure of banks and the €60 withdrawal limit from cash machines.

Speaking with opposition parties in Greece, Mr Tsipras said: "These are crucial times and it's necessary to provide proper information to the political parties so that there are no misunderstandings.

"I think we're proceeding within the framework of what was agreed and the next hours will be crucial."