Greece debt talks in Brussels fail to produce final deal
Greece says it has once again failed to reach a final agreement with its international creditors over its debt repayment.
Greek Prime Minister Alexis Tsipras said early Thursday that the latest discussions with European Commission chief Jean-Claude Juncker in the Belgian capital, Brussels, ended without a deal and that negotiations would continue.
Greece’s primary budget surplus, or the amount in which tax revenues exceed the country’s public spending, is one of the main issues being discussed in the talks.
Greece has proposed a budget surplus of 0.8 percent for this year and 1.5 percent for 2016. However, reports say lenders want a budget surplus of one percent for 2015 and two percent for next year.
Friday is Greece’s deadline to repay more than $328 million to the International Monetary Fund (IMF), an amount of money it does not have.
Concessions not favored
Tsipras had earlier said his country had made difficult concessions to its creditors in an attempt to secure an agreement.
On Thursday, though, he said, “There are points that no one would consider as a base for discussion. The talks will continue in the coming days,” a sign that international lenders believe Athens has not gone far enough just yet.
The Greek premier did say, however, that the two sides were “very close to an agreement over primary surpluses,” which, he added, would mean moving ahead “without the tough austerity measures of the past.”
Earlier this week, the leaders of the IMF, the European Central Bank (ECB), and the European Commission – Greece’s troika of creditors – met with leaders of Germany and France to work out a “final proposal” for Athens to repay its debts.
After months of talks, Greece is seeking to reach a deal with international lenders in order to receive the remaining $8-billion tranche of the debt-ridden country’s bailout program.
Creditors have denied Greece the sum, saying the anti-austerity left-wing government in Athens must first carry out further economic reforms or austerity measures.
Since it plunged into an economic crisis in 2009, Greece has received $330 billion in international loans.
If Greece defaults on its payment, it may exit the 19-nation eurozone.
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