The crunch moment may just have arrived.
According to the Financial Times, creditors have given Alexis Tsipras until 11am Brussels time to produce a ‘workable’ proposal. That’s in just under 10 minutes time!
If he doesn’t give some ground, Athens could then get a ‘take it or leave it’ offer…..
Over to the FT’s Peter Spiegel and Alex Barker:
Greece is down to its final hours for negotiations over its soon-to-expire bailout, with creditors giving Alexis Tsipras, the Greek prime minister, until 11am Brussels time to come up with a workable economic reform plan to release €7.2bn in desperately needed rescue aid.
According to two senior eurozone officials, if Mr Tsipras fails to reach an agreement — which people briefed on the talks say is now likely after fruitless all-night talks — the creditors’ offer will be presented to eurozone finance ministers for a “take it or leave it” choice by Athens.
“The Greeks didn’t move at all,” said one senior official of the talks between Mr Tsipras and the heads of the European Commission, International Monetary Fund and European Central Bank, which stretched into the early hours of Thursday before breaking up and resuming at 9am.
“The level of frustration is so high. I don’t see a deal,” the official added. “It’s looking pretty grim right now.
