Talks between Greece and the bodies overseeing its bailout – the European Commission, European Central Bank (ECB) and International Monetary Fund (IMF) -- stepped up a gear this week with a toing-and-froing of alternative proposals – from both Greece and lenders -- put on the table.
In the latest twist, a Greek government document was posted by German daily Tagesspiegel Thursday showing Athens' proposal to restructure its debt so it falls from the current level of 180 percent of gross domestic product to 93 percent in five years.
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Tsipras appeared to rebuff lender's proposals, however, saying only Greece's ideas were a "realistic" basis for a deal. Tsipras had said earlier this week that a deal was "close" but the latest comments signalled that negotiations could have a while way to go before a mutually viable solution can be found.
The prime minister is due to address the Greek parliament at 6 p.m. (local time) on Friday with the aim of briefing fellow members of parliament on the course of negotiations, Greek newspaper Ekathimerini said Friday.
In a rare bit of good news for Greece – or perhaps just the postponement of bad news – Greece was able to delay a 300 million euro ($338 million) payment due to the International Monetary Fund (IMF) on Friday.
It informed the Fund on Thursday that it would bundle four payments due this month into one lump payment of 1.5 billion euros, which is due on June 30.
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The IMF confirmed the move in a statement from its chief spokesman Gerry Rice on Thursday, saying the decision was an administrative one.
"Under an executive board decision adopted in the late 1970s, country members can ask to bundle together multiple principal payments falling due in a calendar month (payments of interest cannot be included in the bundle). The decision was intended to address the administrative difficulty of making multiple payments in a short period."