Greek PM Concedes to Creditors

The Financial Times reports that Greek Prime Minister Alexis Tsipras has offered to accept almost all of the demands from the nation’s creditors – Greece has received nearly 240 billion euros in two bailouts from the EU and IMF since 2010 – to end a standoff over its rescue program.

The proposal was contained in a two-page letter from Tsipras dated June 30 to his creditors. Tsipras notes how “the country will agree to creditors’ conditions, with only a handful of minor changes”.

Reports also say that the European finance minsters are set to reconvene to discuss new proposals put forward by the embattled euro zone nation, after it defaulted on its debt on Tuesday.

Greece has become the first developed economy to default on a loan with the International Monetary Fund.

Here’s the Greek PM’s letter to the heads of the European Commission, International Monetary Fund and European Central Bank.

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