A new set of talks await Greece

Greek minister says Athens unable to accept latest reform proposals by foreign lender thus, willing to negotiate a compromise

Photo by: AFP
Photo by: AFP

Updated Jul 28, 2015

A surprise move was taken by Greece on Friday as it announced the obligatory repayments to the International Monetary Fund will be delayed. Upon the release of the decision, Greek Economy Minister George Stathakis said the recent proposal of the cash-for-reform deal was unacceptable, however Greece is still willing to compromise on a deal. 

Greece is said to have accepted a previous offer from the IMF to bundle four payments due in June into a single 1.6 billion euro lump sum due at the end of the month.

As the Greek saga continues, a reform deal was put on the table by its international creditors however, it was rejected by the debt burdened country. Earlier in the day a Greek deputy minister also noted that a snap election could be possible if demands on terms are not eased.

Causing a further blur in the negotiation talks with its international lenders, Greece postponed its loan repayment of 300 million euros to the IMF. Although the move was not awaited, Athens managed to save itself from a possible default. 

"It was actually included in their proposal without being on the negotiation table during the last month ... the Greek government cannot accept these new proposals," said Greek economy minister George Stathakis.

Additionally, Greek Prime Minister Alexis Tsipras held a telephone conversation with Russian President Vladimir Putin on Friday. While many key topics were discussed, both parties have agreed to meet at the St. Petersburg International Economic Forum in mid-June.

"Practical steps were discussed to implement agreements reached during the recent working visit of Alexis Tsipras to Russia, particularly the planned construction of the gas transport infrastructure across the territory of Turkey and Greece," said a press service, according to Russian Times. 

TRTWorld and agencies