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Greek debt crisis: Tsipras turns on creditors Greek debt crisis: Tsipras in intensive talks with creditors
(about 1 hour later)
Greek Prime Minister Alexis Tsipras has criticised Greece's international creditors for failing to accept his government's latest reform proposals. Greek Prime Minister Alexis Tsipras is continuing intensive talks with his country's international creditors, despite sharp differences over how to overcome the debt crisis.
He said this never occurred with similar measures put forward by other states negotiating bailouts, suggesting creditors might not want a deal. Mr Tsipras has criticised lenders for rejecting his latest reform proposals, which they say are not viable.
Mr Tsipras' remarks came before he began new talks to secure a debt deal. Meanwhile eurozone finance ministers cut short a meeting that had been meant to finalise a deal.
German Finance Minister Wolfgang Schaeuble said he was "not optimistic" about reaching a deal on Wednesday. Greece must pay the IMF €1.6bn in June or face default and possible EU exit.
Greece must repay €1.6bn (£1.1bn) to the International Monetary Fund (IMF) by the end of the month, or face default and possible exit from the EU. Mr Tsipras has been meeting the European Commission, the European Central Bank (ECB) and the International Monetary Fund (IMF) - the trio evaluating his proposals.
Eurozone finance ministers had been due to finalise a deal on Wednesday evening, but their meeting finished without a resolution. They are expected to resume their discussions at 13:00 local time (11:00 GMT) on Thursday. They are hoping to cut a deal that would release further loans to Greece before it runs out of money.
Reuters news agency quoted a Greek official as saying negotiations between Athens and its lenders were ongoing and would continue after Wednesday's ministers' meeting. But after several hours of talks, officials said there was little sign of a breakthrough, with differences over whether the reform plan should have an emphasis on tax rises or pension and spending cuts.
Earlier the ECB again increased additional emergency funding for Greek banks to stave off fears of a bank run - the fifth time in eight days it has done so as fearful savers withdraw up to €1bn a day from domestic banks. The negotiations were expected to continue into the night in the hope that a deal can be reached before the finance ministers reconvene at 13:00 local time (11:00 GMT) on Thursday, ahead of a scheduled EU summit.
Analysis: Chris Morris, BBC News, BrusselsAnalysis: Chris Morris, BBC News, Brussels
The Greek government may think it has given significant ground in its latest proposal. The creditors appear to be saying think again.The Greek government may think it has given significant ground in its latest proposal. The creditors appear to be saying think again.
So the mood goes from bad to good and back again. In terms of absolute numbers, the distance between the two sides isn't huge. But the political gulf is significant.So the mood goes from bad to good and back again. In terms of absolute numbers, the distance between the two sides isn't huge. But the political gulf is significant.
And Greek Prime Minister Alexis Tsipras is caught between a rock and a hard place - between the promises he made to his voters back home, and the commitments the creditors insist he must respect.And Greek Prime Minister Alexis Tsipras is caught between a rock and a hard place - between the promises he made to his voters back home, and the commitments the creditors insist he must respect.
But these negotiations aren't just about budget targets. The Greeks are also demanding that there has to be serious discussion of debt restructuring.But these negotiations aren't just about budget targets. The Greeks are also demanding that there has to be serious discussion of debt restructuring.
On that issue there is more sympathy from the IMF. But there is less from the European Central Bank and several eurozone countries.On that issue there is more sympathy from the IMF. But there is less from the European Central Bank and several eurozone countries.
Between a rock and a hard placeBetween a rock and a hard place
Only once agreement is reached will creditors unlock the final €7.2bn tranche of bailout funds.Only once agreement is reached will creditors unlock the final €7.2bn tranche of bailout funds.
The agreement being formed is believed to include: The latest Greek proposals are believed to include:
See the proposals in fullSee the proposals in full
Mr Tsipras has been meeting the European Commission, the European Central Bank (ECB) and the International Monetary Fund (IMF) - the trio evaluating his proposals. But German Finance Minister Wolfgang Schaeuble said a deal was not close.
They are hoping to finalise a deal that would release further loans to Greece before it runs out of money.
But Mr Schaeuble said a deal was not close.
"I get the impression that we haven't come much further than we were on Monday," he said."I get the impression that we haven't come much further than we were on Monday," he said.
"But we are just beginning, then we will see. In any case, the preparations that were made do not make one optimistic that we will find a solution today. ""But we are just beginning, then we will see. In any case, the preparations that were made do not make one optimistic that we will find a solution today. "
Tight schedule - the week aheadTight schedule - the week ahead
Can Greece stay in the euro?Can Greece stay in the euro?
Peston: End of an act in tragedyPeston: End of an act in tragedy
How did Greece get in this mess?How did Greece get in this mess?
European media hold breathEuropean media hold breath
EU summit agendaEU summit agenda
The Greek government has put forward budget proposals that it says meet the targets demanded by its creditors.The Greek government has put forward budget proposals that it says meet the targets demanded by its creditors.
But the BBC's Chris Morris in Brussels says they include far more tax rises and far fewer spending cuts than its creditors had suggested, and the IMF in particular is refusing to accept them.But the BBC's Chris Morris in Brussels says they include far more tax rises and far fewer spending cuts than its creditors had suggested, and the IMF in particular is refusing to accept them.
This prompted Mr Tsipras to tweet: "The repeated rejection of equivalent measures by certain institutions never occurred before - neither in Ireland nor Portugal.This prompted Mr Tsipras to tweet: "The repeated rejection of equivalent measures by certain institutions never occurred before - neither in Ireland nor Portugal.
"This odd stance seems to indicate that either there is no interest in an agreement or that special interests are being backed.""This odd stance seems to indicate that either there is no interest in an agreement or that special interests are being backed."
'Credible measures''Credible measures'
Our correspondent says he appears to be alluding to fears that there are those elsewhere in the eurozone who want to put the Greek prime minister in an impossible position, and engineer the collapse of his radical left-wing government.Our correspondent says he appears to be alluding to fears that there are those elsewhere in the eurozone who want to put the Greek prime minister in an impossible position, and engineer the collapse of his radical left-wing government.
However, IMF director Christine Lagarde said that the Greek government's tax plans were not viable.However, IMF director Christine Lagarde said that the Greek government's tax plans were not viable.
"You can't build a programme just on the promise of improved tax collection, as we have heard for the past five years with very little result," she said in an interview for the French magazine Challenges (in French)."You can't build a programme just on the promise of improved tax collection, as we have heard for the past five years with very little result," she said in an interview for the French magazine Challenges (in French).
"Creditors are expecting credible, tangible measures which will allow the budgetary situation to be redressed.""Creditors are expecting credible, tangible measures which will allow the budgetary situation to be redressed."
There are also reports that Greece has rejected an IMF counter-proposal calling for bigger VAT increases, and deeper pension and public spending cuts.There are also reports that Greece has rejected an IMF counter-proposal calling for bigger VAT increases, and deeper pension and public spending cuts.
Finance Minister Yanis Varoufakis's spokesman Dimitris Yannopoulos tweeted: "IMF stance has changed: Now says GR debt sustainable if pensions (& wages) squeezed to unsustainably low levels. Shock Doctrine"Finance Minister Yanis Varoufakis's spokesman Dimitris Yannopoulos tweeted: "IMF stance has changed: Now says GR debt sustainable if pensions (& wages) squeezed to unsustainably low levels. Shock Doctrine"
If agreement is reached, it will have to be endorsed by Greece's parliament, with some critics at home accusing the left-wing prime minister of reneging on his party's campaign pledge to end austerity.If agreement is reached, it will have to be endorsed by Greece's parliament, with some critics at home accusing the left-wing prime minister of reneging on his party's campaign pledge to end austerity.