Revised Greek bailout request 'taking into account' creditors' concerns

GMT 18:21 2015 Tuesday ,07 July

Arab Today, arab today Revised Greek bailout request 'taking into account' creditors' concerns

Slogan written on a wall in Athens
Athens - AFP

Greece will on Wednesday present a revised bailout request "taking into account" the concerns of international creditors and seek aid to tide it over until the end of the month, a government official said.

The modified request -- acceptance of which is seen as crucial to keeping Greece in the eurozone -- will be submitted to the Eurogroup of finance ministers after a presentation on Tuesday fell flat.

"The Greek government will tomorrow (Wednesday) present a 'common ground' document for a sustainable agreement, taking into account the outcome of the referendum, the common positions of political leaders and the proposals of the (creditor) institutions," the official said late Tuesday.

The new document will be considered by the Eurogroup finance ministers in a telephone conference, the official added.

In addition, Greece wants "a settlement until the end of the month" while preparations are made for a durable bailout agreement.

Greece's new finance minister, Euclid Tsakalotos, on Tuesday presented his country's position for a bailout to his eurozone colleagues following a weekend referendum in which Greeks overwhelmingly voted 'No' to accepting tougher austerity.

But Eurogroup head Jeroen Dijsselbloem said there was "no new proposal" from Tsakalotos and Greece was expected to send a letter to the EU bailout fund, the European Stability Mechanism, by Wednesday.

Greece's future in the euro is seen to be hanging on whether it can persuade the eurozone to give it another bailout.

The debt-crippled country faces a huge payment of more than three billion euros to the European Central Bank (ECB) on July 20.

The last round of bailout negotiations was bogged down in Greece's refusal to agree to creditors' demands for cuts to its pension system and a stiff national increase in sales tax.

Those talks came to an end when Prime Minister Alexis Tsipras called his snap referendum on the austerity terms.

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