Greek official describes plan offered by EU as 'very bad'
The EU creditors' plan offered over Greece’s third bailout deal is “very bad”, says a government official in Athens.
“The text in its entirety is very bad," and sets brutal conditions for Greece, the unnamed source was quoted by Associated Press as saying on Sunday.
"We are trying to find solutions,” the source said, adding that since Greece’s cash is decreasing, negotiations must begin without delay.
Some of the proposals detailed in the plan, such as a requirement for Greece to deposit 50 billion euros worth of state-owned assets into a special fund for subsequent sell-off, are apparently intended to humiliate the Greek government, the source further said, adding that Greek Prime Minister Alexis Tsipras wanted to strike a deal with the country’s creditors to avoid a meltdown of Greece’s banks.
Tsipras said earlier in the day that a deal with international creditors on the country’s debt crisis is possible if all involved parties work together.
“We can reach an agreement tonight if all parties want it,” Tsipras further said, adding that he was ready for an “honest compromise” on Greece's plans for tax cuts and pension reforms.
The eurozone ministers are pressuring Greece to endorse economic reforms, including tax hikes and pension cuts, in order to receive a third bailout worth 74 billion euros (83 billion dollars).
Meanwhile, German Chancellor Angela Merkel warned of tough upcoming negotiations upon her arrival in Brussels, the EU's de facto capital, adding that “there will be no agreement at any price.”
Tsipras submitted his own set of proposals to creditors on July 7, in order to avoid an exit from the eurozone, the so-called “Grexit scenario”.
Earlier, European Council President Donald Tusk said the summit of the 19 eurozone leaders starting on Sunday, would last until talks on Greece were concluded.
Greece received two bailout packages in 2010 and 2012, worth a total of 240 billion euros (272 billion dollars), from the creditors -- the European Commission, the International Monetary Fund (IMF) and the European Central Bank (ECB) -- following the 2009 economic crisis in exchange for implementation of tough austerity measures.
The country has already defaulted on a 1.55-billion-euro debt payment to the IMF.
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