EU officials swiftly dismiss Greek reform offer

June 9, 2015 Share Print 0

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

Senior Market Analyst, UK & EMEA at OANDA

Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary. His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News. Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.