EU Commission deems Greek proposal no good

Greece is in last-ditch talks with its international creditors on what reforms it is to implement to get new funding from the creditors to avoid bankruptcy.

“President Juncker made a last attempt this week-end to find, via personal representatives and in close liaison with Commission, ECB and IMF experts, a solution with Prime Minister Tsipras that would allow for a positive assessment in time for the Eurogroup on Thursday 18 June,” the Commission said.

“While some progress was made, the talks did not succeed as there remains a significant gap between the plans of the Greek authorities and the joint requirements of Commission, ECB and IMF in the order of 0.5-1 percentage of GDP, or the equivalent of up to 2 billion of permanent fiscal measures on an annual basis,” it said in a statement.

“In addition, the Greek proposals remain incomplete. On this basis, further discussion will now have to take place in the Eurogroup,” it said referring to a meeting of euro zone finance ministers on June 18th in Luxembourg.

source Reuters