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| Greece debt crisis: Athens offered cash-for-reforms deal | Greece debt crisis: Athens offered cash-for-reforms deal |
| (about 1 hour later) | |
| Greece's international creditors have made a new proposal to Athens, which would extend its bailout so that it can avoid defaulting on its debt - providing it agrees to reforms. | Greece's international creditors have made a new proposal to Athens, which would extend its bailout so that it can avoid defaulting on its debt - providing it agrees to reforms. |
| The proposal would release €15.5bn ($17.3bn) of funding, €1.8bn of which would be available immediately. | The proposal would release €15.5bn ($17.3bn) of funding, €1.8bn of which would be available immediately. |
| Greece and its creditors have been deadlocked despite the 30 June deadline for repayment of an IMF loan looming. | Greece and its creditors have been deadlocked despite the 30 June deadline for repayment of an IMF loan looming. |
| Greek PM Alexis Tsipras on Friday accused the lenders of blackmail. | Greek PM Alexis Tsipras on Friday accused the lenders of blackmail. |
| "Europe's principles are not based on blackmail and ultimatums," he said. "In these crucial hours, nobody has the right to put these principles at risk." | "Europe's principles are not based on blackmail and ultimatums," he said. "In these crucial hours, nobody has the right to put these principles at risk." |
| German Chancellor Angela Merkel, however, urged Athens to accept what she called an "extraordinarily generous" offer. | German Chancellor Angela Merkel, however, urged Athens to accept what she called an "extraordinarily generous" offer. |
| 'No ultimatum' | 'No ultimatum' |
| The money is not new, but rather from existing bailout funds, and is still to be discussed by eurozone finance ministers, who are meeting on Saturday. | The money is not new, but rather from existing bailout funds, and is still to be discussed by eurozone finance ministers, who are meeting on Saturday. |
| The president of the European Commission, Jean-Claude Juncker, said he was "optimistic, but not over-optimistic" about the chances of a deal. | The president of the European Commission, Jean-Claude Juncker, said he was "optimistic, but not over-optimistic" about the chances of a deal. |
| "This is about the Greek people, not the government," he said. "Tomorrow's meeting will try to bring the positions together... There was no ultimatum. We are not running business by announcing ultimata." | "This is about the Greek people, not the government," he said. "Tomorrow's meeting will try to bring the positions together... There was no ultimatum. We are not running business by announcing ultimata." |
| The protracted negotiations have stalled over what reforms Athens is prepared to take, with disputes emerging on pensions and increasing Value Added Tax. | The protracted negotiations have stalled over what reforms Athens is prepared to take, with disputes emerging on pensions and increasing Value Added Tax. |
| An official from one of the creditors told Associated Press that after the latest offer "the difference [between both sides] now is very, very small". | An official from one of the creditors told Associated Press that after the latest offer "the difference [between both sides] now is very, very small". |
| The Greek government has put forward budget proposals that it says meet the targets demanded by its creditors. | The Greek government has put forward budget proposals that it says meet the targets demanded by its creditors. |
| Mr Tsipras is returning to Athens to hold emergency talks with his government. Any deal must be passed by the Greek parliament. | Mr Tsipras is returning to Athens to hold emergency talks with his government. Any deal must be passed by the Greek parliament. |
| If Greece does default, it could exit the eurozone, with possible repercussions for the rest of Europe and the world economy. | If Greece does default, it could exit the eurozone, with possible repercussions for the rest of Europe and the world economy. |
| Only once agreement is reached will the European Commission, the European Central Bank (ECB) and the International Monetary Fund (IMF) unlock the final €7.2bn tranche of bailout funds for cash-strapped Greece. | Only once agreement is reached will the European Commission, the European Central Bank (ECB) and the International Monetary Fund (IMF) unlock the final €7.2bn tranche of bailout funds for cash-strapped Greece. |
| Greek debt talks - main sticking points | Greek debt talks - main sticking points |
| What if the Greek talks fail | |
| Can Greece stay in the euro? | Can Greece stay in the euro? |
| Chris Morris: Tsipras may face impossible choice | Chris Morris: Tsipras may face impossible choice |
| How did Greece get in this mess? | How did Greece get in this mess? |