Prime Minister of Greece, Alexis Tsipras, made yesterday a new range of reforms to its creditors (European Commission, International Monetary Fund and European Central Bank), last-minute concessions with which seeks to overcome an impasse in the negotiations that left Greece on the brink of bankruptcy.
After months of discussions and savers withdrawing billions of euros of Greek banks, the leftist government of Tsipras showed this weekend willingness to make concessions to release the necessary financial support to prevent a default.
French President Francois Hollande confirmed during a visit to Milan Greece made new proposals, but it was unclear how these proposals yielded to calls from creditors additional spending cuts and tax increases.
According to the Sunday edition of the German newspaper “Frankfurter Allgemeine Sonntagszeitung”, Greece will have to cut wages and pensions as early as this June for lack of liquidity, even if in extremis agreement with its creditors.
So, one day before meetings including an emergency summit of euro zone leaders in Brussels (today), Tsipras participated yesterday in a marathon cabinet meeting and discussed the new offer by telephone with the leaders of Germany, France and the European Commission.
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