The euro retreated against the U.S. dollar before a deadline of midnight on Thursday where Greece has to submit a comprehensive proposal that would discussed by creditors before Sunday’s EU meeting.
Greece is under pressure as it has to deliver a reform that convince its creditors, otherwise it could be ejected out of the eurozone.
Prime Minister Alexis Tsipras accused creditors of using his country as an “austerity laboratory” for five years.
However, he pledged to submit “new concrete proposals, credible reforms, for a fair and viable solution” by Thursday.
Greek banks remained closed for a second week and the €60 daily limit on cash machine withdrawals.
The ECB should not provide emergency assistance to Greek banks until making sure it has reached an agreement, Jens Weidmann, head of the German central bank, said on Thursday.
Meanwhile, the euro is trading at 1.1034 after hitting a high of 1.1123 and a low of 1.1022.