A pro-Euro demonstrator holds a European Union flag in front of Greek Parliament during a rally at Syntagma square in Athens, Thursday, July 9, 2015. (AP Photo/Petros Karadjias)
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Germany conceded Thursday that Greece would need some debt restructuring as part of any new loan program to make its economy viable as the Greek Cabinet raced to finalize reform proposals to avert an imminent economic meltdown.Greece has already had two bailouts worth 240 billion euros from the eurozone and the International Monetary Fund, but its economy has shrunk by a quarter, unemployment is more than 25 percent and one in two young people is out of work.Tusk said a realistic proposal from Greece would have to be matched by an equally realistic proposal on debt sustainability from the creditors.According to Athens daily Kathimerini, Greece is planning a reform package worth 12 billion euros over two years, more than previously planned to offset a return to recession after months of difficult negotiations with creditors.Greece emerged only last year from a deep recession that shrank its economy by a quarter over six years.German Bundesbank chief Jens Weidman said capital controls should remain in force in Greece until there was any deal, and that the ECB should not increase its liquidity assistance for Greek banks, without which they may collapse next week.
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