Greece Debt Proposals

Published: June 22, 2015

Greece Debt Proposals, Eurozone finance ministers on Monday discussed the latest Greek debt proposal but ended their meeting without reaching an agreement, saying they would need to reconvene this week.

That outcome made it unlikely that European heads of state would be able to reach any resolution on Greece’s long-running debt crisis when the leaders gather here in Brussels for an emergency meeting Monday evening. European Union officials said that meeting would still be held as scheduled.

The Greek government had submitted new proposals to its creditors early Monday morning, for the latest round of meetings meant to break the deadlock over a debt crisis that has imperiled Athens’s continuing membership in the euro currency zone.

Jeroen Dijsselbloem, the head of the Eurogroup of eurozone finance ministers, told a news conference after the Monday afternoon session that the Greek proposal was “welcome” and a “positive step in the process.” The proposal appeared to be “broad and comprehensive” and a “basis to really restart the talks.”

In the latest proposal, the Greek government offered a concession around pensions, a major sticking point in negotiations. Athens is aiming to find pension savings of around 1.4 percent of gross domestic product by the end of 2016, exceeding creditors’ demands. To do so, the government is aiming to increase employer and worker contributions as opposed to cutting pensions outright, according to a person with knowledge of the Greek proposal.

Mr. Dijsselbloem said there needed to be a concrete and precise list, agreed to by the Greek government, “of all the measures that they have to implement” and “take through Parliament.” He said the aim was to get a “final agreement later this week.”

The meeting of Eurogroup finance ministers was brief. After about two hours, Alexander Stubb, the Finnish finance minister, indicated that the session had broken up but that efforts to get a deal would go on.

Greece Debt Proposals


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