Clock Ticks, Greece Races to Stave Off Bankruptcy

Greece is racing to develop a new bailout plan with Europe that will prevent it from total financial collapse.

In order to receive fresh bailout cash to stave off bankruptcy and a possible exit from the euro, Athens must submit a detailed plan by the end of Thursday.

On Sunday, leaders of the 28 European Union nations will meet in Brussels to consider it.

Greece is expected to ask for a three-year loan from Europe's bailout fund and says it will "immediately implement" tax and pension related measures.

Prime Minister Alex Tsipras told the European Parliament on Wednesday that he has "no hidden agenda" to drive Greece out of the eurozone. He said his only goal is to reach a sustainable agreement with the other 18 eurozone countries.

Meanwhile, Germany's Finance Ministry is putting the pressure on Greece to deliver a comprehensive reform-oriented plan.

Ministry spokesman Martin Jaeger said Wednesday that an "integral part" of the application must be a detailed account of what reform measures Greece will implement in exchange for bailout funds.