Date
22 July 2017
Alexis Tsipras emerges after a cabinet meeting in Athens on Sunday. The Greek PM said he has made an offer to EU leaders to break a deadlock over cash-for-reforms deal. Photo: Bloomberg
Alexis Tsipras emerges after a cabinet meeting in Athens on Sunday. The Greek PM said he has made an offer to EU leaders to break a deadlock over cash-for-reforms deal. Photo: Bloomberg

Greece lays out new proposals ahead of emergency summit

Greek Prime Minister Alexis Tsipras on Sunday laid out new proposals on a reforms package, aiming to break a deadlock with foreign creditors and unlock billions of euros in much-needed cash.

A day before emergency meetings including a summit of eurozone leaders in Brussels, Tsipras held a marathon cabinet meeting and discussed the new offer with the leaders of Germany, France and the European Commission by phone, Reuters reported.

“The prime minister presented the three leaders Greece’s proposal for a mutually beneficial agreement that will give a definitive solution and not a postponement of addressing the problem,” Tsipras’s office was quoted as saying in a statement.

Tsipras is due to meet the Commission President Jean-Claude Juncker, European Central Bank President Mario Draghi and IMF head Christine Lagarde on Monday morning before meetings with eurozone leaders in the early afternoon.

It was not immediately clear how far the new proposals yield to creditors’ demands for additional spending cuts and tax hikes, but the offer boosts hopes for a last-minute deal before Athens runs out of cash.

Greece urgently needs access to funds to avoid defaulting on a 1.6 billion euro IMF loan that falls due at the end of the month. 

Money has drained out of Greek banks after a breakdown in talks last weekend.

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RC

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