Greek Prime Minister Alexis Tsipras was handed a deadline to come up with new proposal that might be accepted by Creditors.
- Both the negotiating parties as so far failed to come up with a proposal that might get accepted by both sides. Time is running out for Athens, which is likely to default on IMF commitments of € 1.6 billion on June 30th, if the government fails to secure cash for reform deal, which will unlock € 7.2 billion of last bailout tranche.
- Latest talks suggest that if Mr. Tsipras fails to bring an agreement on the table that might get accepted, creditors will be presenting one last take it or leave it proposals to Athens.
Some officials remain very skeptical that a deal might get reached.
As of now frustration is running very high and environment has really turned from optimistic to very grim.
Tsipras was given till 11 am Brussels time about an hour ago, to come up with fresh proposals.
As of now, it is unclear on further move.
Euro is currently trading at 1.117 against dollar. Yen as strengthened 123.5 as risk aversion as gathered pace.
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