EU officials swiftly dismiss Greek reform offer

European Union officials on Tuesday swiftly dismissed new Greek promises of economic reform, saying the proposals were not enough to unlock funds that Athens urgently needs to avoid defaulting on its debts.

Despite signs that Prime Minister Alexis Tsipras is adopting a more conciliatory line as time runs short for a deal, the officials in Brussels were quick to declare that Greece’s international lenders would not accept the latest proposals on tax, debt and the budget.

The chief spokesman for the European Commission said the EU executive was still studying the suggestions and stressed that other officials do not speak for the Commission.

But the EU officials passed judgment only hours after Athens announced it had sent the plan to Brussels. “What has been submitted is not sufficient to move the process forward,” said one EU official. Another said it was “not sufficient and not acceptable to member states”.

A source then said Greece was working to revise the proposals.

Athens would talk with creditors on Tuesday with the aim of narrowing differences so Tsipras can finalise a deal at a meeting in Brussels on Wednesday, the source close to the talks said.

Reuters

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Craig Erlam

Craig Erlam

Senior Currency Analyst at OANDA
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.