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Tsipras: 'Realistic reforms proposal' sent to creditors

The Greek Prime Minister has said his government has sent a reforms proposal to the country's creditors that included a number of painful concessions. The move is designed to unlock another bailout installment.

Greek Prime Minister Alexis Tsipras said Tuesday his government had forwarded a comprehensive reforms proposal to creditors, hoping that European leaders would accept it and pave the way for the unfreezing of an urgently needed bailout installment as Greece was staring at a Friday deadline to repay 300 million euros ($328 million) to the IMF.

"We have submitted a realistic plan for Greece to exit the crisis," Tsipras told reporters after a meeting in the Education Ministry in Athens. "It's a realistic plan whose acceptance by the institutions, our lenders and or partners in Europe will mark the end of the scenario of divisions in Europe," he commented.

The Prime Minister did not provide any concrete details on the reforms proposal, but spoke of concessions that would be difficult.

Mounting pressure

He was speaking amid speculation that Athens was about to receive an ultimatum from creditors after four months of unsuccessful talks.

European creditors and the International Monetary Fund had been pushing for greater reforms in return for more cash, but so far Greece's hard-left government had refused to make any substantial concessions, raising the specter of a state default and a messy exit from the eurozone.

Tuesday's comments came after late night talks in Berlin between German Chancellor Angela Merkel, French President Francois Hollande, ECB President Mario Draghi, IMF chief Christine Largarde and European Commission head Jean-Claude Juncker.

hg/pad (Reuters, AFP, dpa)

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