Greece’s creditors have held an emergency meeting in Berlin to discuss a ‘final offer’ on debt negotiations.
As the meeting ended on Monday (June 1) night, there was little indication of a breakthrough, but agreement that ‘intensive work’ was needed.
With the Friday deadline looming large to make a 300m euro repayment to the IMF, doubts are growing over Greece’s ability to meet this month’s financial obligations as it is dangerously low on cash.
Prime Minister Alexis Tsipras must watch from the sidelines as the group decide on his country’s fate.
In article in French newspaper Le Monde, he accused the lenders of making ‘absurd proposals’ and disregarding Greek democracy.
His ire was directed at calls for further pension cuts and labour market reforms.
Tsipras faces unappealing choices: rejecting the deal could mean a default and a potential euro exit, but accepting it could be seen as a step back by Tsipras after sweeping to power on an anti-austerity platform, which could prove politically fatal.