Greek Prime Minister Alexis Tsipras
Greek Prime Minister Alexis Tsipras Reuters

As Greece stands on the brink of economic collapse, the pressure has led Greek Prime Minister Alexis Tsipras on Wednesday to concede to a bailout agreement that he rejected over the weekend.

But shortly after changing his mind, the Greek leader reversed his position again and urged Greek citizens to vote against the bailout in an upcoming national referendum he called for this weekend.

The bailout offer by European nations expired on Tuesday. Since then negotiations for financial rescue have collapsed, and Tsipras called for a national referendum on the bailout offer which would see Greece receive cash in return for cutbacks.

Eurozone finance ministers refused to extend the previous bailout arrangement on Tuesday, the same day that Greece missed its $1.7 billion payment to the International Monetary Fund.

Greece has been in massive debt for a long time, but by missing the payment it became the first developed country to be unable to pay the IMF its dues.

Options are limited for Greece, but two important meetings will be held this week to try and find a solution for the Mediterranean state mired in debt.

European Central Bank (ECB) officials are to meet to discuss whether or not to issue an emergency loan to the failing state.

In parallel, eurozone finance ministers are to discuss Tsipras's new proposal for a bailout, which would become Greece's third such bailout.

The proposed bailout would last two years and see Greece receive a much needed 29.1 billion euros ($32.4 billion).

On the streets the panicked populace is still unable to withdraw all their money from Greek banks, which remain closed. A limit of 60 euros ($67) on daily withdrawals has been implemented.

Greece's economy has dropped by a full quarter in the last couple of years, and unemployment is over 25%, indicating the extent of the country's financial crisis.

A new Anti-Defamation League global poll released Tuesday revealed that 67% of the Greek population harbors anti-Semitic attitudes.

The poll also found that 90% agreed with the statement that “Jews have too much power in the business world,” and 85% agreed that “Jews have too much power in international finance markets.” 

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