Eurozone to finalize Greek proposals but hope of reaching deal fades

Eurozone will hold a last-minute critical meeting to finalize Greece' new proposals late Wednesday but hope of reaching a deal faded as part of the debt-torn country's proposals were rejected by its international creditors.

"This odd stance seems to indicate either they do not want an agreement or they serve specific interests in Greece," Greek Prime Minister Alexis Tsipras tweeted shortly before fresh talks to secure a debt deal in Brussels.

Media reported that creditors have asked for a whole change to pension proposals presented by Tsipras on Monday morning before the emergency meeting among eurozone countries' leaders late that day, when Greek new proposals were described as "the good basis of" further talks in this week.

"The repeated rejection of equivalent measures by certain institutions never occurred before neither in Ireland nor Portugal," Tsipras complained.

A European Union official, however, was reported to insist that the talks have not broken down and said the exchange of different proposals was "a normal part " of negotiations.

Time is running out for Greece and creditors to reach a deal before Greece has to repay a 1.6-billion-euro loan to the IMF by the end of this month.

Greece will face default if it fails to make the repayment, which may trigger "capital controls" on its banks. Over the past few days, Greek savers have pulled away billions of euros and the European Central Bank has to again increase emergency liquidity ceiling for Greek banks on Tuesday. Endit