Greece may further tighten the noose on ATM withdrawals amid debt crisis

With Greece struggling to stay afloat as its leaders make a last attempt to evade national bankruptcy, the country's banks are expected to further reduce the amount of money Greeks can withdraw from ATMs.

The Bank of Greece has made a standing request for about six billion euros, which the European Central Bank (ECB) has declined so far, reported The Washington Post.

The ECB is set to meet on Wednesday afternoon to discuss whether to increase the 89 billion euros in emergency loans that has kept Greece's banking system alive. If they decide to say no, then Greek banks will have to further tighten the noose on ATM withdrawals to prevent the system from running out of money, senior banking officials said.

Currently, Greeks can only withdraw 60 euros a day and cannot transfer money out of the country.

The news came as Greece is expected to present new proposals by the end of Thursday to reach a deal with creditors, ahead of a European Union (EU) summit on Sunday.