Greece reviews its debt deal proposal ahead of new Brussels summit talks

Greece reviewed on Monday the debt deal proposal tabled with international lenders last week, ahead of the new scheduled meeting between Prime Minister Alexis Tsipras, German Chancellor Angela Merkel, French President Francois Hollande on Wednesday in Brussels on the sidelines of the EU summit, according to government sources.

After four months of inconclusive negotiations over a new reforms-for-cash agreement to tackle the five-year Greek debt crisis, and an unprecedented delay in the repayment of a loan installment to the International Monetary Fund last Friday, the Greek Leftist leader is still seeking to break the impasse on a political level to avert a possible Greek default and Grexit this summer.

Greek government sources insist that a compromise deal could be reached by next weekend. Greece is seeking an honest compromise with creditors rather than a rift and snap elections, Greek government spokesman Gavriil Sakellaridis said on Monday here.

"Undoubtedly, our proposal should be the starting point of further negotiations," he said.

Meanwhile, European officials and European Commission spokesman Margaritis Schinas reiterated that the institutions' draft deal provided a good basis for future discussions.

The two sides still have to bridge their diverging views on fiscal adjustment goals, debt relief, and reforms in the key sectors of labor and pensions.

Greece's lenders turned down the 47-page draft deal proposed by Athens as "inadequate" requesting alternative proposals, noting that time was running out.

June 30 marks two critical deadlines. It is the date the debt-laden country needs to repay about 1.5 billion euros (1.68 billion U.S. dollars) in loan installments to IMF. Also, it's the expiration date for the extension of the previous bailout agreed in February as a bridge with the next deal.

Addressing the Greek parliament on Friday, Tsipras dismissed as "irrational" lenders' draft deal proposal which was handed to him by European Commission President Jean-Claude Juncker last Wednesday in Brussels, warning that both sides would lose in the event of a Greek financial meltdown.

According to media reports, Juncker was "irritated" and "disappointed" by Tsipras' stance and rejected a request for a new telephone contact over the weekend and another meeting this week, urging Athens to quickly submit alternative proposals.

Sakellaridis denied the reports on Monday, underlining that the ties between the two leaders were "excellent."

At the same time, Greek Deputy Foreign Minister for International Economic Affairs and coordinator of the Greek negotiation group, Euclid Tsakalotos was heading a delegation of Greek officials and experts who were promoting Athens' views at the technocratic level of the Brussels Group on Monday in the Belgian capital.

Greek Finance Minister Yanis Varoufakis was in Berlin emerging confident after a meeting with his German counterpart Wolfgang Schaeuble over the positive final results.

Varoufakis talked about a "friendly and productive" meeting, noting that it was the historic duty of all parties involved to reach a deal to safeguard the EU's and the euro zone's cohesion.

According to the results of the latest opinion survey in Athens released last Friday, an overwhelming majority of eight out of ten Greek citizens wants to stay in the euro zone, 47 percent were in favor of a harsh deal rather than default, while 35 percent said they would prefer a step into "unchartered waters" rather than humiliation. Endit