European Commission: The delay is allowed under IMF rules, but provides a stark sign of how Greece is struggling to make ends meet without the vital rescue loans that have been withheld since last summer, as Athens and its creditors fail to agree on economic reforms. 'Extreme proposals will not be accepted by the Greek government, according to CBC. Everyone must understand that the Greek people have suffered greatly over the last five years and some people must stop playing games at their expense'- Prime Minister Alexis Tsipras The move follows the failure of radical left Prime Minister Alexis Tsipras to break the stalemate with creditors at a late-night meeting with European Commission head Jean Claude Juncker and the top official representing Greece peers in the eurozone. It will not make the $418 million Cdn. payment due June 5, nor the next two payments, invoking a little-used option to defer them all to the end of the month. The talks will resume "within coming days," officials said. Everyone must understand that the Greek people have suffered greatly over the last five years and some people must stop playing games at their expense." No more cash Without a deal, Greece will not get the 7.2 billion euros remaining from its 240 billion-euro bailout fund, which it been relying on for five years. On his return to Athens, Tsipras told government officials that "extreme proposals will not be accepted by the Greek government.
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Tagged under European Commission, economic reforms topics.