Greek prime minister unveils new bailout proposal

Greek prime minister unveils new bailout proposal
# 21 June 2015 19:51 (UTC +04:00)

Baku-APA. Greek Prime Minister Alexis Tsipras has presented a new proposal to its international creditors, in a move aimed at reaching a deal over Athens' debt crisis, APA reports quoting Press TV.

A statement by the premier’s office on Sunday said Tsipras has unveiled the new proposal in a telephone conference with European Commission President Jean-Claude Juncker, German Chancellor Angela Merkel, and French President Francois Hollande.

The statement said he had "presented to the three leaders, Greece's proposal for a mutually beneficial agreement, which will provide a permanent solution and not just postpone tackling the problem."

It added that the plan is aimed at reaching a “definitive solution” with international creditors -- the International Monetary Fund (IMF), the European Central Bank (ECB), and the European Commission -- in order to unlock the last portion of its bailout, worth €7.2 billion.

The details of the proposal have not been released.

Athens, which is in serious need of cash, will have no choice but to default on its loan and exit the eurozone if it fails to repay some €1.6 billion to the IMF by the end of the month.

Earlier, Greek Minister of State Nikos Pappas said Athens did not need help from the Washington-backed IMF.

"I am one of those who think that the IMF should not be in Europe. I hope we find a solution without its participation," Pappas said, slamming the financial institution’s agenda, saying it is “not at all European."

The proposal by Greece comes days after a meeting between eurozone leaders in Luxembourg ended without result, prompting President of the European Council Donald Tusk to call for an emergency meeting in Brussels this week.

Greece received two bailout packages worth a total of €240 billion (USD 272 billion) from the so-called troika of creditors in 2010 and 2012, following its 2009 economic crisis.

For months, Athens has been negotiating with the lenders in the hope of reaching a deal that does not require harsh austerity measures. Both Athens and international creditors have rejected proposals made by either side so far.