Eurozone

Greece faces another tough Eurogroup summit Monday when a slew of reform proposals from Athens are to come under the microscope in Brussels, with the two sides apparently far from a compromise even as state coffers in Athens are close to emptying.

? pro-government rally is being organized on social media to take place at Syntagma Square on February 11, on the same date as the Eurogroup meeting.

Greece has 10 days to decide on its future following two bombs that fell on its economy last week:

* Late on Wednesday: No sooner did the markets show signs of confidence that the European Central Bank yanked Greek collateral for Greek banks.

Late Friday, Eurogroup President Jeroen Dijssenbloem announced that Athens has till February 16 to make decisions.

By Nikos Roussanoglou

Investors are still drawn to the Greek property market despite the continued uncertainty, which may increase risk but also keeps prices low, experts say.

Greece submitted to Eurogroup chief Jeroen Dijsselbloem Friday an outline of seven reform proposals to form the basis for discussion at Monday?s meeting of eurozone finance ministers, but the signs from Brussels are that Athens is no closer to securing the release of its next tranche of bailout funding.

Greece?s eurozone partners on Friday increased the pressure on the new government to request an extension to the country?s bailout before an emergency summit of eurozone finance ministers on Wednesday, with officials rejecting Greek proposals for a ?bridge? agreement to be put in place until the end of May so that a new arrangement can be found.

Despite pressure from eurozone officials to agree to a further extension to the existing bailout, the Greek government insisted Friday that it would not accept its partners? offer but would instead propose the terms of a bridging agreement to see it through the next few months.

According to Wall Street Journal report, Greece is in danger of running out of cash in weeks.

As WSJ indicates, if Eurozone officials didn’t make the above decision then Greece would have been able to take a breather for about 4-6 months, which is enough according to the Greek Government to conclude negotiations.

Following the announcement of S&P lowering the long-term sovereign credit rating for Greece to B-, markets posted an immediate negative reaction.

More specifically, Dow Jones dropped by 0.31% at 17.829 units, while S&P 500 noted a -2.21% decrease at 2.058 units.

At the same time the Euro fell by 1.4% against the dollar.