Financial Times
September 19, 2011
Greek authorities tried again on Monday night to convince international lenders they had a credible plan to close a growing financing gap, amid signs that negotiators were hardening their line over a €8bn aid payment Athens needs in three weeks to avoid running out of cash.
The Greek proposals, made in a conference call with heads of the so-called “troika” – the European Union, International Monetary Fund and European Central Bank – came after a German-led group of European creditor countries made clear they were unsatisfied with measures unveiled last week.
The worsening stand-off spooked financial markets, with the euro dropping to near six-month lows against the dollar before recovering late in the day. Indices for all leading European stock markets were also sharply lower, led by the continent’s troubled banks, many of which hold billions of euros in Greek debt.
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