Make or break: Tensions high as Greece submits last-ditch reforms

Greece was to hand in a delayed list of proposed reforms this morning aimed at winning a four-month extension of its massive bailout - after missing a deadline set by its international lenders. A Greek government source insisted late last night that the proposals would arrive in time for eurozone finance ministers - the Eurogroup - to discuss them in a conference call on Tuesday afternoon. A Brussels source said however that this call would only happen if the “troika” of the European Commission, the European Central Bank and the International Monetary Fund deem the reforms sufficient.

Of course there will be measures that fit with the philosophy of Syriza [Greek government]… but they also have to take account of budgetary balance and the need to repay debts.

EU Economic Affairs Commissioner Pierre Moscovici told France 2

Time is of the essence and the stakes are high, with Greece’s current 240-billion-euro (£188bn) bailout programme due to expire on Saturday and several European parliaments still needing to approve any extension. If Athens fails to win more time and the bailout expires, Prime Minister Alexis Tsipras’ month-old government risks running out of money, triggering a likely run on banks and even possible ejection from the 19-country eurozone. The Greek government source said that the much-awaited list of measures would include all the promises made by Tsipras’ hard-left Syriza party before its sweeping election victory in January. These include free electricity for 300,000 poor families, free access to health care, food and public transport coupons and aid for those on low pensions.

Renaming the troika as ‘institutions’, the bailout as an ‘agreement’ and creditors as ‘partners’ … does not change the previous situation. I apologize to the Greek people because I took part in this illusion.

Manolis Glezos, a Syriza member of the European Parliament

Politics greece