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Greece debt crisis talks held as deadline nears Greek PM says he has issued a 'comprehensive proposal'
(35 minutes later)
The heads of both the International Monetary Fund and the European Central Bank have attended talks in Berlin in an attempt to reach a deal with Greece. Greek Prime Minister Alexis Tsipras says he has issued a "a comprehensive proposal" to its international creditors in an attempt to secure a deal over its debts.
They joined German Chancellor Angela Merkel, French President Francois Hollande and European Commission head Jean-Claude Juncker at the meeting. "Greece has specific, realistic proposals. We have already made concessions," he said.
The aim was to come up with "a final proposal" to present to Athens, according to reports. His statement follows talks in Berlin attended by the heads of both the International Monetary Fund and the European Central Bank.
A €300m (£215m) payment to the IMF is due on Friday. A €300m IMF payment is due on Friday.
There are fears Greece does not have the necessary funds to pay and could default on the debt, ultimately leading to its exit from the eurozone.There are fears Greece does not have the necessary funds to pay and could default on the debt, ultimately leading to its exit from the eurozone.
Friday's payment is the first of four totalling €1.5bn that Greece is due to pay to the IMF in June, and it is understood that the payments could be all bundled together and repaid in a single transaction at the end of the month.Friday's payment is the first of four totalling €1.5bn that Greece is due to pay to the IMF in June, and it is understood that the payments could be all bundled together and repaid in a single transaction at the end of the month.
If Greece decides to repay the funds in this way, it would have to notify the IMF, but it has not yet done so.If Greece decides to repay the funds in this way, it would have to notify the IMF, but it has not yet done so.
'Absurd proposals''Absurd proposals'
The country remains at a deadlock with international creditors over the release of €7.2bn in remaining bailout funds. The country remains in deadlock with international creditors over the release of €7.2bn in remaining bailout funds.
The fact that International Monetary Fund chief Christine Lagarde and ECB president Mario Draghi both attended the Berlin meeting underlines the seriousness of the talks. International Monetary Fund chief Christine Lagarde and ECB president Mario Draghi both attended the Berlin meeting, underlining the seriousness of the talks.
The IMF, ECB and the European Commission all want further austerity reforms in return for the cash, which the Greek government - led by Prime Minister Alexis Tsipras - is refusing.The IMF, ECB and the European Commission all want further austerity reforms in return for the cash, which the Greek government - led by Prime Minister Alexis Tsipras - is refusing.
In a column published by French newspaper Le Monde on Sunday, Mr Tsipras said his government was not to blame for the impasse. Germany's Vice-Chancellor, Sigmar Gabriel, said he supported efforts by the French and German governments to reach a deal in negotiations about Athens' massive debts, warning Greece's exit from the eurozone would have "gigantic consequences".
"It is due to the insistence of certain institutional actors on submitting absurd proposals and displaying a total indifference to the recent democratic choice of the Greek people," he wrote. "The political consequences of a Greek bankruptcy in the eurozone would of course be gigantic. I think a lot of people have the impression that we're better off without Greece in the eurozone.
Mr Tsipras was not contacted during the emergency meeting, according to reports. The truth is that if we break the first piece out of the European house, Europe would be in a different state."
After the meeting, a spokesperson for Ms Merkel told the AFP news agency only that the quintet agreed to work together "intensely" in the coming days and would stay in "close contact". But Syrzia parliamentary spokesman Nikos Filis reiterated that the government would not sign an agreement that was incompatible with its anti-austerity programme.
And a Greek official told Reuters that the government had not yet received any proposal from the IMF, ECB and European Commission following Monday's meeting. "If we're talking about an ultimatum... which is not within the framework of the popular mandate, it is obvious that the government cannot co-sign and accept it," Mr Filis told Antenna TV.
But the official said Greece would make Friday's payment if it believes a deal has been sealed, such as a preliminary agreement not yet approved at a Eurogroup meeting.
EU Economics Commissioner Pierre Moscovici said on Tuesday that Greece had made some initial proposals on pensions, which it, alongside the IMF and the ECB, was weighing up.
"We are starting to work in depth on pensions. The Greek government has made some first proposals and the pros and cons are being considered," he told France Inter radio.