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Creditors Set Bailout Ultimatum for Defiant Greeks

Greece’s international creditors will put their own final proposal for a cash-for-reform deal to avert a Greek default to euro zone finance ministers for approval on Thursday after Athens let a deadline pass, euro zone officials said.

“If Greece says ‘no go’ now, it could be the final straw,” one senior European official said.

The lenders had given leftist Prime Minister Alexis Tsipras an ultimatum to come up with a credible reform plan by mid-morning (0900 GMT), saying they would otherwise send their own version to Eurogroup ministers.

The dramatic move came hours before European Union leaders meet in Brussels for a summit on migration, the long-term future of the euro zone and renegotiating Britain’s membership terms, that has been overshadowed by the Greek debt crisis.

A Greek official said Athens was standing by the proposals submitted on Monday with the inclusion of some modifications made during negotiations this week.

The heads of the European Commission, International Monetary Fund and European Central Bank set Tsipras the deadline to come up with a new, workable proposal of reforms to unlock new funding and avert a debt default next Tuesday.

Tsipras left European Commission headquarters smiling and flashing a thumbs-up sign after three hours of meetings on Thursday but made no comment.

Read more at Reuters

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