There were some dramatic developments on Greek negotiations as Greece was given less than 24 hours to come up with firm proposals.
At a meeting of eurozone government staffers late Thursday, Greece was given less than 24 hours to come up with firm proposals to end the impasse, two officials present during the talks said to Bloomberg. Policy makers are now examining all scenarios if Greece refuses to compromise, including the possibility that the country could eventually leave the currency, the officials said to Bloomberg.
Greece's international lenders demand from Athens to submit specific proposals on how the Greek government intents to implement measures to fill the €450 million budget gap resulting from the primary surplus of 1%.
“The Greek government should come up with proposals either tonight or by tomorrow morning” European officials, with direct knowledge of the talks said to iefimerida.gr, on condition of anonymity. Then the Greek document will be discussed by the country's creditors to decide whether the measures proposed by Greece can be implemented to fill the fiscal gap.
“There is no more time for gambling,” European Union President Donald Tusk told reporters in Brussels on Thursday. “The day is coming, I am afraid, that someone says the game is over” Tusk said and stressed that next week's meeting of the 19 eurozone finance ministers - commonly known as the eurogroup - in Luxembourg should be the make-or-break session in sealing Athens' fate.
The German finance ministry spokesman, Martin Jaeger, said there were no other special meetings planned on Greece, ahead of the Eurogroup next Thursday. He stressed that the IMF involvement in reaching a deal is essential, and declined make any speculations about an extension of the second bailout program for Greece. He added that the international institutions had shown a great deal of flexibility with Athens.
"The IMF made a very clear statement yesterday about the status of the talks. This is a serious statement that we acknowledge of course," Jaeger said, adding that that the decision by envoys of the International Monetary Fund (IMF) to leave the Greece negotiations in Brussels on Thursday was a warning to Athens, to intensify the negotiations. He added that the Fund had not broken off talks with Greece.
The spokesman also denied that his government's position has changed, after tabloid Bild reported that Merkel’s government was preparing for Grexit. He said Germany was working to keep Greece in the eurozone, according to Reuters.