Tsipras made a new offer on a reforms package

Monday, Jun 22 2015

Greek Prime Minister Alexis Tsipras made a new offer on a reforms package to foreign creditors on Sunday, signaling 11th-hour concessions to break a deadlock that has pushed Greece to the brink of bankruptcy. French President Francois Hollande, on a visit to Milan, confirmed Greece had offered new proposals although EU diplomats said no formal written proposal had arrived.

"The prime minister presented the three leaders Greece's proposal for a mutually beneficial agreement that will give a definitive solution and not a postponement of addressing the problem," a statement from Tsipras's office said. He is due to meet the Commission President Jean-Claude Juncker, European Central Bank President Mario Draghi and IMF head Christine Lagarde on Monday morning before the meetings with euro zone leaders in the early afternoon.

Elected on a pledge to end austerity, Tsipras has defiantly resisted demands to cut pension spending and is pushing strongly for debt relief in return for any concessions. But Greek officials have said Athens may be willing to consider raising value-added-taxes or other levies to appease the lenders, who want concrete assurances that demanding budget targets will be met.

"There is no time to lose. Every day counts. Talks and negotiations must continue so that an agreement is reached," Hollande told a joint news conference with Italian Prime Minister Matteo Renzi.

Euro is currently being traded around 1.1360 level, as traders are being cautious awaiting for any news from meeting between Greece and euro zone leaders. Pair is likely to find support around 1.13 handle and resistance above 1.1430. Later today, in the US session, Existing Home Sales, figures are scheduled for a release.

Last modified on Sunday, 21 June 2015

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