Greece Has Submitted Its Three-Year Bailout Request. Leading Economists Predict A Greek Exit

With four days away from complete banking collapse and an enormous humanitarian crisis in Greece, Tsipras applies for a three-year bailout with a proposition. However, economists still see the higher likelihood of a Greek exit.

European Leaders have made a strict ultimatum to Greece. If it does not submit a viable proposal by Thursday, the 28 leaders of the European Union would convene to discuss the containment of a possible Greek exit.

Meanwhile, German Finance Minister Wolfgang Schäuble draws a hard line against Greece in making its bailout agreement. In a closed- door meeting with Greece, German Chancellor Angela Merkel had limited movement to help make concessions to keep Greece in the euro.

German Lawmakers said that there was a small gap developing between the Chancellery and the Finance Ministry, which has never happened. Despite such, the German Chancellor has the final say.

However, the German public supports Schäuble's decision to force Greece to meet their demands.

Merkel is willing to give Greece one more chance to negotiate and to offer more flexibility for the future bailout package for Greece.

According to sources close to Schäuble, he is hard on Greece because he is one of the designers of the Eurozone's economic debt crisis response, which focused on toughening fiscal rules and offering emergency funding for economic overhauls.

Should a deal not be met, which is likely as Tsipras is focused on eliminating additional austerity, experts remain sceptical of the end results for Greece's financial crisis.