Greek government officials are insisting that a deal with the country's international lenders over reforms is imminent, but one key business leader told CNBC that Greece needs to implement reforms fast, whether a deal is on the cards or not.
"Greece is in a liquidity trap. We need to rectify the situation and agree on certain issues," Costantine Michalos, president of the Union of Hellenic Chambers of Commerce & Industry, told CNBC Tuesday.
"You don't need an agreement with your lenders and partners to improve your tax collecting mechanism, you don't need an agreement to improve your labor laws based on European norms on flexibility, and you don't need an agreement in order to proceed with privatizations," he added.
It comes as Greece's Labour Minister, Panos Skourletis, added his voice to that of the prime minister and finance minister, insisting that a deal with creditors was imminent "in the coming days," Reuters reported Tuesday.
Greece has been negotiating with creditors for months over reforms that -- when implemented -- could unlock a last tranche of much-needed bailout aid, worth 7.2 billion euros ($8.14 billion).