Talks with Creditors Inconclusive as Greek PM Rejects Austerity Proposals

European Commission President Jean-Claude Juncker (R) welcomes Greek Prime Minister Alexis Tsipras (L) prior to a meeting at the EU commission headquarters in Brussels, Belgium, 03 June 2015. Photo: EPA

The latest talks between Greece and its international creditors remained inconclusive as the Greek Prime Minister Alexis Tsipras rejected some of the austerity proposals.

In return, Tsipras submitted a 47-page reform list containing many recommendations including some that had already been rejected by the creditors, EurActiv reports.

The Greek Prime Minister identified the discussions as very productive with agreement in sight, but his government could not accept some of the austerity proposals of the creditors.

Similarly, Eurogroup President Jeroen Dijsselbloem said that key differences remained between the negotiators.

The Greek PM was firm that his government could accept neither further cuts in pensions nor raising VAT in electricity bills to 10 %.

Meanwhile, Greece asked the IMF to postpone its debt repayment due on Friday and pay all its four installments due this month by the end of June.

Bundling multiple payments falling due in the same calendar month is allowed by the regulations of the IMF, but it was invoked for the last time in the mid-1980s by Zambia.

Greece was due to pay EUR 300 M to the IMF on Friday, while the total due until the end of the month is EUR 1.6 B.

The country is trying to reach a deal on further bailout before the current deal with its international creditors expires on June 30.

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