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Updated: 22:40 25/09/21

Greece rejects IMF counterproposal

By Duncan Richardson, News Editor

26 Jun 2015

Crucial talks between Greece and their international creditors ended last night after hour of talks without a deal being reached. According to one senior Eurozone politician “not much progress was made.”

Today’s EU meeting is the last chance for Greece, IMF, ECB and the European to broker a deal over Greece’s debt.

Following the meeting Greek Prime Minister, Alex Tsipras, lashed out against his countries creditors after they rejected his latest proposal to cut government spending. The IMF want the Greeks to increase the state retirement age to 67 and close a number of loop holes allowing many Greeks to retire early. This is red line for Tsipras who was elected on the premise he would end austerity. Instead the Greek Prime Minister wants to increase pension contributions and maintain the current retirement age of 58.

If a deal is not agreed upon this week, there will not be enough time for the Tsipras to put the deal before the Greek government. Greece is quickly running out of money and the Greek banking system will collapse if depositors continue to withdraw their cash deposits at the current rate. If a deal cannot be reached today many doubt Greece will make their 1.5 bn euro payment to the IMF on Tuesday.

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