Greece submitted its new plan of reforms to its creditors from the European Commission (EC), European Central Bank (ECB) and International Monetary Fund (IMF), saidan EC source. The Agence France-Presse (AFP) reported that the Greek Radical Left Coalition (SYRIZA) government proposed an increase to T-bills by the ECB and the participation of the ESM for the payment of ECB bonds.

It took the institutions just 50 minutes to reject the proposals. In response, government sources said that they would continue negotiations at a political level. The same sources added that the government submitted two additional texts of reforms to EU Economic and Monetary Affairs Commissioner Pierre Moscovici aimed at closing the fiscal issue with alternative proposals while drafting a feasible plan to make Greek debt sustainable.

The AFP reported that creditors looked over the three-page proposals submitted by Athens, just two days after European Commission President Jean-Claude Juncker complained that he has yet to submit proposals based on creditors plans.

Earlier, Proto Thema had reported that there are feverish negotiations underway between the government and creditors aimed at formulating an alternative proposal for Athens and paving the way for the Eurogroup’s decision on Greece.