The Greek government issued one of its now infamous “non papers” to detail the reasons why it rejected a new proposal by creditors on Friday for a five-month extension of the current (and soon to end) bailout agreement.

The latest proposal was tied to a new 15-billion-euro credit line. Athens underlined the proposal would merely create financing gap within the five-month period, which would lead — in its estimate — to a third memorandum.

The SYRIZA government also maintained that the latest proposal includes recessionary and destructive measures.

Speaking from Brussels, Greek PM Alexis Tsipras sounded more defiant when leaving a Euro summit, speaking in English and stressing that his government would fight for European principles of democracy, solidarity, equality and mutual respect.
“These principles were not based on blackmail and ultimatums,” the radical leftist politician said.

Shortly after, European Council President Donald Tusk replied: “It is not political blackmail when we repeat day after day that we are very close to this day (June 30) when the game is over.”

On his part, when asked during a press briefing after the two-day summit about Tsipras’ comment, EU Commission president Jean-Claude Juncker said “Saturday is a crucial day not only for Greece but also for the EU.”

He also said he was “optimistic but not too optimistic” that an urgent Eurogroup meeting could produce a deal on Saturday.
In a direct response to Tsipras, he merely noted that “we don’t work with ultimatums”.

The Greek prime minister’s statement was echoed by a government source in Athens, who told reporters the Greek PM will not accept funding that only covers pending obligations to creditors.

“There are alternatives on the table, what is important is the whole package of the deal,” the source was quoted as saying.
An extraordinary Cabinet and top government meeting will convene in Athens on Friday as soon as Tsipras returns to his office.