Greece Handed New Terms as Tsipras Approaches Decision Time

Greece’s creditors handed the government revised terms for an agreement as Prime Minister Alexis Tsipras expressed incredulity that his own list of proposals to secure bailout funds had fallen short.

The overhauled set of measures was passed to the Greek government on Wednesday morning, according to a person familiar with the matter, who asked not to be identified because the negotiations are private.

The new terms come as Tsipras prepares for a Brussels meeting with the heads of the three creditor institutions — European Central Bank President Mario Draghi, International Monetary Fund Managing Director Christine Lagarde and European Commission President Jean-Claude Juncker. Finance Ministers will gather later on Wednesday to try and reach a deal before Greece’s bailout expires and about 1.5 billion euros ($1.7 billion) in payments come due to the IMF on June 30.

“There is still a lot of work to do,” Dutch Finance Minister Jeroen Dijsselbloem, who chairs meetings of his euro-area counterparts, told reporters in Brussels. “We are not there yet.”

The latest exchanges underscore the febrile nature of the negotiations as they enter the final hours before the country’s bailout — and finances — run out. Greek markets dropped on Wednesday as Tsipras took to Twitter to chide his country’s creditors for not accepting a list of measures including tax increases and curbs on early retirement that he had submitted on Monday.


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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.