Greece To Face Its Creditors On Monday

Reuters: EU welcomes 11th-hour Greek proposals in 'forceps delivery'

The European Union welcomed new proposals from Greek Prime Minister Alexis Tsipras as a "good basis for progress" at talks on Monday where creditors want 11th-hour concessions to haul Athens back from the brink of bankruptcy.

EU chief executive Jean-Claude Juncker's chief-of-staff spoke of a "forceps delivery" as officials worked late into the night to produce a deal ahead of a summit of euro zone leaders in Brussels that they hope can keep Greece in the currency bloc.

Giving no detail of a proposal he said was also received by the European Central Bank and International Monetary Fund, German EU official Martin Selmayr tweeted: "Good basis for progress at ... Euro Summit. In German: 'eine Zangengeburt'."

After four months of wrangling and with anxious depositors pulling billions of euros out of Greek banks, Tsipras's leftist government showed a new willingness at the weekend to make concessions that would unlock frozen aid to avert default.

WNU Editor: It looks like Greece is going to get a reprieve of about 6 months if they agree to discuss "cutting pensions" .... in response to reports of pension cuts, many Greeks are now protesting .... Several thousand rally in Athens against austerity (Reuters)

More News On The Greek Debt Crisis

Creditors offer Greece six-month bailout reprieve as Tsipras weighs response -- The Guardian
Greece debt crisis: EU leaders step up efforts for deal -- BBC
EU 'gives Greece six more months': Bailout set to be extended after country's left-wing leader 'finally agrees to discuss cutting pensions' -- Daily Mail
Greeks beg Merkel not to throw them 'overboard' as day of reckoning approaches -- The Telegraph
Tsipras Said to Risk Miscalculating Merkel on Greek Aid -- Bloomberg
Exclusive: Bank of Greece warned bankers of 'difficult' day if no debt deal -- Reuters

Update: A good analysis (and explanation) on what will happen to Greece if they default on their loans by using the Argentine debt crisis and default as an example .... Greek debt talks haunted by ghost of Argentina (AFP).

Update: Apparently there are no pensions cuts proposed by the Greek government .... in fact .... contrary to reports, apparently Greece's new proposals have not even been sent out yet .... Greece Told To Have A Deal Ready Before Monday Meeting; Tsipras Submits Revised Plan With No Pension Cuts (Zero hedge).