International creditors demanded Thursday that Greece propose economic reforms that could break the impasse in bailout talks.   

Greece was unequivocally denied any possibility for a delay or a grace period to repay the International Monetary Fund, as finance ministers from the Eurozone and the heads of the IMF and European Central Bank prepare for a much anticipated crisis meeting in Luxembourg.

“…On that particular issue, timeline: 30th of June is the day when the lump sum payment is due to the IMF and there is no grace period or two-month delay, as I have seen here and there,” said IMF Managing Director Christine LaGarde.

Eurozone President Jeroen Dijsselbloem said Greece has to take “further steps” to obtain a lasting deal that “needs to hold up in the coming years to be credible.”

Optimism remains

Germany’s Chancellor, Angela Merkel, whose country is Greece’s main creditor, told German lawmakers in the parliament earlier Thursday that she was “still confident” a deal was possible.

German Finance Minister Wolfgang Schaeuble said he was optimistic Greece will deliver new proposals, which would be considered immediately.

“We are very optimistic that we will finally get the proposals and then we will review them immediately,” said Schaeuble.

Schaeuble had maintained a strong stance from the onset that Greece should fulfill its obligation to international creditors before any additional financial help is considered.

Greek Finance Minister Yanis Varoufakis indicated he would not present new proposals Thursday to break the impasse. But said he hoped his “ideas” would be received favorably. “The purpose is to replace costly discord with effective consensus.”

The meeting of finance ministers of 19 Eurozone countries planned for next week is crucial in determining whether international creditors would unlock another $8.2 billion in bailout funding ahead of a June 30 deadline, by which Greece has to repay $1.8 billion to the IMF.
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