Greece, Lenders Fail to Reach Preliminary Budget Deal

Greek Finance Minister Yanis Varoufakis attends a plenary session of the Parliament in Athens, Greece, late March 30, 2015. Varoufakis is adamant his country will not implement some of the measures recommended by lenders. Photo by EPA/BGNES

Greece and its international lenders have remained at loggerheads over the renewal of financial grants for the country after the EU and the IMF have rejected Athens' reform proposals as "insufficient".

Instead of specific measures, the list contains more "ideas", a Reuters source has said.

Greece's government of left-wing SYRIZA and nationalist Independent Greeks party is under pressure to show commitment to reform in exchange of having its bailout program extended for a few months and avoiding the cash shortage it is currently facing.

Brussels and Athens have repeatedly reached a deadlock over privatization and reforms of the pension system and the labor market.

The Eurozone's deputy finance ministers are set to hold talks over the issue later on Wednesday.

Latest developments come in the week before Greek PM Alexis Tsipras's visit to Moscow. Tsipras hopes his visit could help his country improve economic and trade links with Russia as Athens is desperately seeking new sources of revenues.

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