Eurogroup: No deal on Greek bailout but still time
Proposals are not 'credible', says Eurogroup head Dijsselbloem

The fraught meeting between Greece and its creditors ended without a result, Eurogroup leader Jeroen Dijsselbloem told the press after the meeting Thursday.

"But there is still time for a deal," Dijsselbloem said. "An agreement needs to be credible, and it is up to Greece to put forward a credible proposal."

But very little time remains, Dijsselbloem warned, "and the ball is in Greece’s court."

"A sustainable deal requires difficult measures, and politicians to tell the truth to their people. There are no easy ways out," he added.

Donald Tusk, president of the European Council, has called a eurozone leaders meeting on Monday to continue urgent bailout discussions.

Greek Finance Minister Yanis Varoufakis made a series of proposals, which were very quickly rejected by the group of eurozone finance ministers as not credible.

International Monetary Fund (IMF) Managing director Christine Lagarde reiterated Dijsselbloem's message.

"We represent 88 nations, and we need to justify any commitments with credibility," Lagarde insisted.

She stressed that the Greek government proposals made Thursday were not credible, and that she awaited a more serious effort.

"We expect a dialogue, and for the moment, we are short of a dialogue. We need to restore a dialogue with adults in the room," Lagarde said.

Greece must propose more tax rises and spending cuts, Lagarde said.

"Should Greece default at the end of this month, the IMF is prohibited from providing any further support," she said.

"The IMF is prepared to work night and day," Lagarde said. "But it is up to Greece now."

The euro fell back to about 1.14 to the dollar from about 1.11 after the meeting.

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Last Modified: 2015-06-19 09:46:06
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