September 19, 2011
Greek authorities made a fresh attempt on Monday to convince international lenders they had a credible plan to close a growing financing gap, amid signs negotiators were hardening their line over an €8bn aid payment that Athens needs in three weeks to prevent it running out of cash.
The Greek proposal, made in a conference call with heads of the so-called troika of European Union and International Monetary Fund lenders, came after a German-led group of European creditor countries made clear they were unsatisfied with measures unveiled just last week.
The Greek finance ministry said the conference call had been “productive”, adding that it would resume on Tuesday.
The hardening stand-off spooked financial markets, with the euro dropping to near six-month lows against the dollar on Monday before recovering late in the day. It fell again in early Tuesday trading after Standard and Poor’s cut its rating on Italy, reinforcing concern that Europe’s debt crisis will spread.
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