1. Greek PM Alexis Tsipras slams creditors as they object to reform proposals

Greek PM Alexis Tsipras slams creditors as they object to reform proposals

Greek Prime Minister Alexis Tsipras is in Brussels for a critical meeting with the heads of the International Monetary Fund, European Central Bank and European Commission.

By: | Updated: June 24, 2015 4:14 PM
Alexis Tsipras

Greek Prime Minister Alexis Tsipras has lashed out at objections raised by his country’s creditors to the latest Greek reform proposals designed to unblock bailout funds. (AP)

Greek Prime Minister Alexis Tsipras has lashed out at objections raised by his country’s creditors to the latest Greek reform proposals designed to unblock bailout funds.

Tsipras is in Brussels for a critical meeting with the heads of the International Monetary Fund, European Central Bank and European Commission.

The IMF has reportedly objected to Greece’s latest proposals, saying they rely too heavily on tax increases rather than spending cuts, and risk hurting the economy.

A Greek official says that before departure, Tsipras spoke to his colleagues about ”the insistence of certain institutions to not accept equivalent measures” – meaning measures designed to generate the same amount of savings as those proposed by creditors.

The official quoted Tsipras as saying that ”this strange stance can hide two possibilities. Either they don’t want a deal, or they are serving particular interests in Greece.”

The official spoke only on condition of anonymity because of the sensitivity of the talks.

11:25 a.m. (0925 GMT, 5:25 a.m. EDT)
A Greek banking official says the European Central Bank has increased the amount of emergency credit Greek banks can access for the third consecutive day.

The credit is meant to help the Greek banks cope with an increase in money withdrawals from Greeks concerned about the country’s financial future. Greece is in talks with creditors this week to get more bailout loans to avoid bankruptcy next week.

If necessary, the ECB’s board will meet again within the next 24 hours to discuss further increases, the banking official said, speaking on condition of anonymity because the decision wasn’t publicly announced.

11:20 a.m. (0920 GMT, 5:20 a.m. EDT)
Prime Minister Alexis Tsipras has arrived in Brussels to meet with the heads of the International Monetary Fund, the European Central Bank and the European Union’s executive Commission.

The meeting is meant to smooth over some differences on the reforms that Greece proposed to creditors in exchange for rescue loans that it needs to not default on a debt payment June 30.

Later in the day, the 19 finance ministers from the eurozone states will discuss the proposal in more detail, before government leaders meet for a summit on Thursday.

The IMF has been cautious about Greece’s proposed reforms, which are heavily focused on tax increases that can hit businesses, rather than public spending cuts.

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