After months of unpromising talks between Greece and its international creditors, could a bailout agreement finally be in view?
Greek Prime Minister Alexis Tspiras said today he had submitted a “realistic plan” for Greece to exit its current economic crisis, which includes a number of concessions, although the details are not yet known.
"We have made concessions because a compromise requires concessions," he said. "We know these concessions will be difficult but we have submitted a realistic proposal for Greece's exit from the crisis. A realistic plan whose acceptance by the institutions, the creditors and our partners in Europe would mark the end of the scenarios of the division of Europe."
The draft agreement was sent over to the European Central Bank, IMF and European Commission late on Monday. When asked if the Commission had received the new plan, spokeswoman Annika Breidthardt told a daily news briefing:
Many documents are being exchanged between the institutions and the Greek authorities to clarify how to implement the February 20 Eurogroup agreement. The fact that documents are being exchanged is already a good sign.
Avoiding a default
Greece faces a series of repayments to the IMF and European Commission over the coming months.
Without unlocking a further tranche of bailout cash, a default would become unavoidable. The latest move indicates those on opposite sides of the negotiating table are starting to resolve their differences.
Tsipras said it was now up to the officials to decide how to react: "We are not waiting for them to submit a proposal, Greece is submitting a plan - it is now clear that the decision on whether they want to adjust to realism... the decision rests with the political leadership of Europe.”