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| Greece Offers New Debt Plan, but Creditors Want Time to Study It | Greece Offers New Debt Plan, but Creditors Want Time to Study It |
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| BRUSSELS — 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. | BRUSSELS — 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. | 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. | 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.” | 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. | 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.” | 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. | 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. |
| “Work continues,” Mr. Stubb wrote on Twitter. | “Work continues,” Mr. Stubb wrote on Twitter. |
| For now, though, an agreement continues to elude Greece’s creditors — the other eurozone countries, the European Central Bank and the International Monetary Fund — despite months of talks. And now, critical deadlines for extending the bailout are approaching as June ends. | For now, though, an agreement continues to elude Greece’s creditors — the other eurozone countries, the European Central Bank and the International Monetary Fund — despite months of talks. And now, critical deadlines for extending the bailout are approaching as June ends. |
| To buy time for Greece, the European Central Bank, for the third time in less than a week, on Monday increased its emergency funding to strained Greek lenders in an effort to replace heavy withdrawals from anxious depositors, according to a Greek banking official with knowledge of the decision who spoke on the condition of anonymity. | To buy time for Greece, the European Central Bank, for the third time in less than a week, on Monday increased its emergency funding to strained Greek lenders in an effort to replace heavy withdrawals from anxious depositors, according to a Greek banking official with knowledge of the decision who spoke on the condition of anonymity. |
| Throughout the day, investors seemed confident that a deal was in the making. European stocks were up more than 3 percent and shares in Greece rose nearly 8 percent in afternoon trading. The interest rates on Greek government bonds fell sharply. | |
| On Monday morning, Greece’s prime minister, Alexis Tsipras, had held an impromptu joint news conference here with Jean-Claude Juncker, the president of the European Commission. “I think this is time for a substantial and viable solution that would allow Greece to come back to growth within the eurozone,” Mr. Tsipras said. | On Monday morning, Greece’s prime minister, Alexis Tsipras, had held an impromptu joint news conference here with Jean-Claude Juncker, the president of the European Commission. “I think this is time for a substantial and viable solution that would allow Greece to come back to growth within the eurozone,” Mr. Tsipras said. |
| Mr. Juncker said, “We have made progress over the last few days, but we are not yet there.” Mr. Juncker displayed his trademark jocularity by giving Mr. Tsipras a friendly slap to the face before heading off for a series of private talks. | Mr. Juncker said, “We have made progress over the last few days, but we are not yet there.” Mr. Juncker displayed his trademark jocularity by giving Mr. Tsipras a friendly slap to the face before heading off for a series of private talks. |
| There had been “such confusion during the night with alternative versions of the Greek proposal coming in that there hasn’t been” adequate preparation for the Eurogroup meeting, Michael Noonan, the Irish finance minister, told reporters. | There had been “such confusion during the night with alternative versions of the Greek proposal coming in that there hasn’t been” adequate preparation for the Eurogroup meeting, Michael Noonan, the Irish finance minister, told reporters. |
| “We understand the Greek authorities have made some movement, and that’s to be welcomed,” Mr. Noonan said. “But it’s not clear that the movement is sufficient.” | “We understand the Greek authorities have made some movement, and that’s to be welcomed,” Mr. Noonan said. “But it’s not clear that the movement is sufficient.” |
| The crisis apparently came to a head after Athens resisted economic overhauls demanded by creditors. Those overhauls were required in exchange for a payment of 7.2 billion euros, or about $8.2 billion, from a bailout program that is due to expire on June 30. That same day, Greece faces a debt repayment to the International Monetary Fund of €1.6 billion, which most observers say the country cannot afford without new aid. | The crisis apparently came to a head after Athens resisted economic overhauls demanded by creditors. Those overhauls were required in exchange for a payment of 7.2 billion euros, or about $8.2 billion, from a bailout program that is due to expire on June 30. That same day, Greece faces a debt repayment to the International Monetary Fund of €1.6 billion, which most observers say the country cannot afford without new aid. |
| Donald Tusk, the president of the European Council who organized the emergency meeting of the leaders of the 19 European Union countries that use the euro, warned Athens late last week that it faced a critical choice on terms that had already been clearly outlined. | Donald Tusk, the president of the European Council who organized the emergency meeting of the leaders of the 19 European Union countries that use the euro, warned Athens late last week that it faced a critical choice on terms that had already been clearly outlined. |