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.
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.
Craig Erlam
Latest posts by Craig Erlam (see all)
- USD/CAD – Heading For a Correction? - 02/26/2021
- Market Insights Podcast (Episode 169) - 02/26/2021
- Week Ahead – Rising yields spook markets - 02/26/2021