Greek Prime Minister Alexis Tsipras is heading to Brussels to discuss new proposals for a deal with creditors as Athens attempts to unlock the much-needed remaining €7.5bn (£5.4bn) expected EU bailout, according to reports.
Tsipras has said he has new reform proposals for the troubled country that would involve “painful concessions”.
After meeting in Berlin on Tuesday with German Chancellor Angela Merkel and French President Francois Hollande, a draft of a deal has been put together by the International Monetary Fund, the European Commission and the European Central Bank.
Details of the draft agreement have not been released, but a senior EU official says it covers “all key policy areas and reflects the discussions of recent weeks”, Reuters reports.
Greece’s payment of €300m (£216m) to the International Monetary Fund is due on Friday. Other installments are due on June 12, 16 and 19. The country owes a total of around €320bn, of which about 65 per cent needs to be paid to eurozone governments and the IMF, and about 8.7 per cent to the ECB.
Greece’s €240bn (£178bn) bailout, originally arranged by the EU, the ECB and the IMF, was planned before Tsipras came into power.