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EU says new Greek reform proposal insufficient

Xinhua, June 10, 2015 Adjust font size:

The European Commission said on Wednesday that Greece's new reform proposal was insufficient and "does not reflect" the result of discussions between EC President Jean-Claude Juncker and the Greek Prime Minister Alexis Tsipras during a meeting last week.

Spokesman Margaritis Schinas told a news conference that the Commission is of the view that "the ball is now clearly in the court of the Greek government" which needs to follow up on the agreement at the meeting with President Juncker last Wednesday night.

The latest Greek submission calls for a primary budget surplus of 0.75 per cent of gross domestic product this year, rising to 1.75 per cent next year and 2.5 per cent in 2017. This is below the 1 percent, 2 percent and 3 percent in an offer by creditors presented by president Junker.

Greece on Monday submitted a new reform proposal to the European Commission in order to unlock the final 7.2 billion euros (8.1 billion U.S. dollars) in bailout financing.

Pierre Moscovici, the European Commission's economic chief, has already demanded a rewrite, according to spokesman Margaritis Schinas.

Tsipras is now in Brussels attending EU summit with Caribbean and Latin American nations, during which he is expected to meet French President Francois Hollande and German Chancellor Angela Merkel discussing the bailout issue.

Schinas said "there is nothing scheduled at the moment" that President Juncker would meet with Alexis Tsipras on the same day. Endit