Greece's lenders set deadline, threaten 'take it or leave it' choice: FT

Published: June 25, 2015 7:05 a.m. ET

Greece's creditors gave the country's leader, Alexis Tsipras, until 11 a.m. Brussels time, or 5 a.m. Eastern Time, to deliver an acceptable plan, the Financial Times reported Thursday. If a deal is not done by then, the lenders' own proposal will be presented to the Eurogroup of eurozone finance ministers as a "take it or leave it" choice for Greece, the FT reported, citing two senior eurozone officials. "The level of frustration is so high. I don't see a deal," one official said, the FT reported. An hour after the 11 a.m. deadline, it was still uncertain whether the Greek premier had submitted a new plan for economic overhauls. However, Tsipras's meeting with leaders of the lender institutions broke up around noon Brussels time, with market participants waiting to hear the outcome of the talks. Austria's finance minister, Hans Jörg Schelling, said the Eurogroup will look at new proposals on Greece, hoping to reach a compromise before 4 p.m. Brussels time, or 10 a.m. Eastern, according to media reports. That would be just in time for the EU summit of European leaders that kicks off in the late afternoon. Schelling stated that Sunday is the final deadline to reach an agreement on Greece's bailout.

http://www.marketwatch.com/story/greeces-lenders-set-deadline-threaten-take-it-or-leave-it-choice-2015-06-25?dist=beforebell