Greek debt crisis talks stall

25 Jun 15

Greece and its international creditors have failed to reach an agreement on economic reforms for Athens at emergency talks today, renewing fears that the country could default on an International Monetary Fund loan due to be paid on Tuesday.

It has been reported that still no agreement has been made on pension reforms and VAT rate changes, which Greece must implement to reach a bailout deal and unlock the final €7.2bn tranche of bailout funds to prevent bankruptcy.

Earlier this week to eurozone ministers, raising hopes that a resolution to the crisis would be found.

However, Greek finance minister Yanis Varoufakis said today that eurozone finance ministers had not only refused to support Athens’ new reform package, but also rejected the latest offer from the troika – IMF, European Central Bank and the European Commission.

Varoufakis said: “Interestingly, several colleagues disagreed and criticised not only our text but also the text of the [troika] institutions.

“We shall continue our deliberations, the institutions are going to look again at the two documents – our documents and their own, there will be discussions with the Greek government, and we’ll continue until we find a solution.”

After talks with the Greek prime minister Alexis Tsipras and the heads of the ECB and IMF, which ran late on Wednesday and into the early hours of Thursday, European Commission president Jean-Claude Juncker said he was “tired to death”.

Talks will resume again in two days time.

  • Judith Ugwumadu
    Judith Ugwumadu

    Judith writes about public finance, public services and economics across Cooking Recipes International and Cooking Recipes. She previously undertook reporting stints at Financial Adviser, Global Security Finance and The Sunday Express.

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