Greek Prime Minister Alexis Tsipras said his government’s proposed reforms have not been accepted by its international creditors, according to a statement from a source close to the talks.
The news dashes hopes of an imminent deal between the embattled Mediterranean country and its international creditors. Greece needs additional financial aid to prevent it from defaulting on its debts at the end of the month, but its lenders have refused to release funds without the implementation of more reforms.
European markets turned lower following the statement, with Germany’s Dax falling 1.2 percent and the Athens stock exchange down 3.3 percent minutes after the news emerged.
“Certain institutions insist in not accepting equivalent measures suggested by the Greek government,” Tsipras told his colleagues before departing to Brussels, according to the statement.
“The non acceptance of equivalent measures has never happened before. Neither in Ireland nor in Portugal. Nowhere!”
He went on to add: “This strange stance could be hiding one of two things. They either don’t want a deal or they are serving certain interests in Greece.”
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.