Hopes rise for Greek deal this week

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Published: Tuesday 23rd June 2015 by The News Editor

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Greece has finally offered economic reforms that creditors consider closer to being acceptable, giving Prime Minister Alexis Tsipras a few days to clinch a deal that might stop the country leaving the euro.

While a firm deal between Greece and its lenders to get Athens more loans remained elusive at an emergency summit yesterday, leaders from the 19 euro nations said Mr Tsipras’ new reform plan offered the basis to break a four-month deadlock in talks.

“We are advancing toward an agreement,” said President Francois Hollande of France. But the gap separating what Greece wants to yield in painful reforms and what creditors are demanding before providing more funds remained sizeable.

“We are closer than we ever were before,” said European Commission president Jean-Claude Juncker.

International Monetary Fund managing director Christine Lagarde said that despite the improvements in the Greek offer “it still lacks specificity. And it is still short of everything that we expected”.

Uncertainty over Greece has sapped confidence in global markets, particularly in Europe, and threatened the financial future of Greeks.

Published: Tuesday 23rd June 2015 by The News Editor

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