Debt crisis

Greece offers fresh compromise

Greece's Prime Minister Alexis Tsipras has offered new concessions to the country's creditors, reports BBC.
A letter to creditors sent by Mr Tsipras says he was prepared to accept most conditions that were on the table before talks collapsed and he called a referendum.
On Tuesday, eurozone finance ministers refused to extend the previous bailout.
Germany says a new agreement on a bailout would not be possible until after the referendum this weekend.
Human rights body the Council of Europe has said the referendum, which will ask Greeks if they want to accept their creditors' proposals, would "fall short of international standards" if held as planned on Sunday.
The body's Secretary General Thorbjorn Jagland told media that the fact the vote "has been called on such a short notice... is a major problem", and criticised the lack of clarity in the question to be put to voters.
The letter to creditors shows that Mr Tsipras was prepared to accept a deal put forward last weekend, if a few changes were agreed.
European markets surged on the news Greece might be willing to accept a deal.
But the German Chancellor, Angela Merkel, said no new bailout talks would be possible before Greece holds Sunday's referendum. Two key meetings are to take place to discuss aid for Greece, after Athens missed the deadline for a €1.5bn (£1.1bn, $1.7bn) payment to the IMF on Tuesday.
In one, officials with the European Central Bank (ECB) will decide whether to grant an emergency loan to Greece.
In the second, eurozone finance ministers will discuss Greece's latest proposal for a third bailout. It would last two years and amount to €29.1bn.
Ministers will discuss the proposal in a conference call at 15:30 GMT.
With the eurozone bailout expired, Greece no longer has access to billions of euros in funds.
Only three other countries are still in arrears to the IMF - Sudan, Somalia and Zimbabwe. Between them, they owe €1.6bn, only marginally more than Greece.
The ECB has also frozen its liquidity lifeline to Greek banks, which did not open this week.
Withdrawals from cash machines are capped at just €60 a day and long queues have been forming outside banks.
However, up to 1,000 branches re-opened on Wednesday to allow pensioners - many of whom do not use bank cards - a one-off weekly withdrawal of up to €120. Some pensioners were told their pensions had not yet been deposited, AP said.
"It's very bad,'' said Popi Stavrakaki, 68. "I'm afraid it will be worse soon. I have no idea why this is happening."
Close to 300 pensioners marched on the Bank of Greece in Athens after being given only a small sum from banks in the morning instead of the entire €120.

Debt crisis

Greece offers fresh compromise

Greeces Prime Minister Alexis Tsipras has offered new concessions to the countrys creditors, reports BBC. A letter to creditors sent by Mr Tsipras says he was prepared to accept most conditions that were on the table before talks collapsed and he called a referendum. On Tuesday, eurozone finance ministers refused to extend the previous bailout. Germany says a new agreement on a bailout would not be possible until after the referendum this weekend. Human rights body the Council of Europe has said the referendum, which will ask Greeks if they want to accept their creditors proposals, would fall short of international standards if held as planned on Sunday. The bodys Secretary General Thorbjorn Jagland told media that the fact the vote has been called on such a short notice... is a major problem, and criticised the lack of clarity in the question to be put to voters. The letter to creditors shows that Mr Tsipras was prepared to accept a deal put forward last weekend, if a few changes were agreed. European markets surged on the news Greece might be willing to accept a deal. But the German Chancellor, Angela Merkel, said no new bailout talks would be possible before Greece holds Sundays referendum. Two key meetings are to take place to discuss aid for Greece, after Athens missed the deadline for a 1.5bn (1.1bn, $1.7bn) payment to the IMF on Tuesday. In one, officials with the European Central Bank (ECB) will decide whether to grant an emergency loan to Greece. In the second, eurozone finance ministers will discuss Greeces latest proposal for a third bailout. It would last two years and amount to 29.1bn. Ministers will discuss the proposal in a conference call at 15:30 GMT. With the eurozone bailout expired, Greece no longer has access to billions of euros in funds. Only three other countries are still in arrears to the IMF - Sudan, Somalia and Zimbabwe. Between them, they owe 1.6bn, only marginally more than Greece. The ECB has also frozen its liquidity lifeline to Greek banks, which did not open this week. Withdrawals from cash machines are capped at just 60 a day and long queues have been forming outside banks. However, up to 1,000 branches re-opened on Wednesday to allow pensioners - many of whom do not use bank cards - a one-off weekly withdrawal of up to 120. Some pensioners were told their pensions had not yet been deposited, AP said. Its very bad, said Popi Stavrakaki, 68. Im afraid it will be worse soon. I have no idea why this is happening. Close to 300 pensioners marched on the Bank of Greece in Athens after being given only a small sum from banks in the morning instead of the entire 120.