The euro zone crisis has hit a new low, as the country’s biggest creditor threatens to take control of its banking system.
A Greek government spokesman said Friday that the European Commission is looking into whether Greece can take out a new rescue package from the International Monetary Fund.
The Greek government had requested the rescue package last month but the European Union and International Monetary Authority had rejected it.
Greek Finance Minister Yanis Varoufakis told reporters on Friday that he did not want the new bailout to go ahead unless the country is allowed to negotiate an alternative loan package.
Greek Prime Minister Alexis Tsipras told Greek media that the government will present a new proposal for a bailout package to European officials on Tuesday.
Tsipras said he will not go to Brussels unless Athens is given a new package, which would include debt relief for Athens.
Tsipirakis said the government is ready to accept the IMF proposal, but is not ready to give up control over its banks.
The IMF has said Athens has no legal right to take over the banks and the country must negotiate a new deal with the EU, which will then decide whether to grant the IMF the money it needs.
The Greek government has rejected any new bailout offer from the EU.
The latest developments came as the Greek government announced it has raised more than $300 million from investors and pledged to invest $1.4 billion in the textile industry.
It has already paid $1 billion to investors.
Greek officials say the textile factories are in need of help because of the economic crisis, which has led to an unemployment rate above 20 percent.
The unemployment rate is more than double that in Greece’s largest city of Athens, the Athens suburb of Skopje.