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Greek reforms fail to convince investors as deadline day creeps closer

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Greek reforms fail to convince investors as deadline day creeps closer

Greek reforms fail to convince investors as deadline day creeps closer
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The Greek government remains engaged in last-ditch talks with its creditors as the cash-strapped country moves closer to the April 20 date when Greece will simply run out of money.

The reforms proposed by Athens claim the country will raise an extra €3bn without resorting to cuts in wages and pensions.

Something the Greek opposition is sceptical about likewise Europe.

Financial analyst Jeremy Stretch believes a deal will reached, but: “I expect an agreement will be cobbled together, but only at the eleventh hour. I think any agreement will have to require some form of concession in terms of increases in VAT and I think the other potential sticking point could relate to pensionable age and pension levels.”

The Greek government is in a vice, as creditors urge asset sales and wage reductions the opposition is waiting in the wings to pounce on broken election promises.

Our correspondent in Brussels is Efi Koutsokosta: “The possibility of a Eurogroup this week seems unlikely. The Euro Working group is expected to evaluate the situation on Wednesday. According to EU officials a Eurogroup could gather next week before the April 9, which is crucial as Greece has to repay €450 mn to the IMF.”