Greece is planning to present a new reform package to its international creditors and euro zone partners that could potentially open up the coffers for the cash strapped country to receive bailout funds and avoid the risk of exiting the euro zone.
Greece will present its proposed package of reforms to its euro zone partners by next Monday in hopes they will release much needed cash, Greek government spokesman Gabriel Sakellaridis said on Tuesday.
Yesterday German Chancellor Angela Merkel and Greek Prime Minister Alexis Tsipras held their first bilateral meeting and joint press conference from Berlin where the two leaders sounded conciliatory but offered no clear details about how to work together and prevent Greece from running out of cash.
Last month Greece received a 4 month bailout extension that expires in late June unless Athens can obtain an approved package of fiscal reforms that will unlock some of €7.2 billion bailout tranche for the indebted country that has resisted adopting fiscal reforms containing new austerity measures.
European Parliament President Martin Schulz struck a positive note that Greece and its international creditors could reach a breakthrough deal this week.
Schulz told Italy’s Repubblica that he thinks a deal is within reach.
“I think by the end of this week a new deal will be reached that should be sufficient to release the most urgent financing” Schulz said.
– Johnathan Schweitzer