Greece’s creditors on Tuesday drafted the outlines of a bailout agreement that will be presented to the leftist government in Athens, aiming to break a month-long stalemate.
The effort to set the terms for a cash-for-reforms deal came after leaders of Germany and France held emergency talks with European Commission, the European Central Bank and the International Monetary Fund in Berlin late Monday, Reuters reported.
“It covers all key policy areas and reflects the discussions of recent weeks. It will be discussed with (Greek Prime Minister Alexis) Tsipras tomorrow,” the report cited a senior EU official as saying.
German Chancellor Angela Merkel and French President Francois Hollande will put the plan to Tsipras to secure his acceptance.
Tsipras, who has vowed not to surrender to more austerity, tried to pre-empt a take-it-or-leave-it offer by the creditors, sending what he called a comprehensive reform proposal to Brussels on Monday before they could complete their version.
Euro zone officials branded the Greek text insufficient and said it was not formally on the table.
The Greek leader faces a backlash from his own supporters if he has to accept cuts in pensions and job protection to avert a default and keep Greece in the euro zone.
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