Greece offers debt compromises as Merkel remains unmoved

Istanbul

GREECE offered compromises ahead of an emergency meeting with its official creditors on Wednesday as German Chancellor Angela Merkel remained unyielding over terms of the country's bailout conditions.

Greek Finance Minister Yanis Varoufakis told lawmakers that the government intends to neither tear up the existing bailout agreement, nor allow the budget to be derailed. He said that Greece will implement about 70 per cent of reforms already included in the current bailout accord.

Any accord, however, would require an easing of Germany's stance in the standoff between Greece and its creditors over conditions attached to its 240 billion euro (S$368 billion) lifeline.

The European Commission denied a report that it will present a compromise proposal at the meeting on Wednesday, saying "very intense contacts are ongoing between" Commission President Jean-Claude Juncker, Greek Prime Minister Alexis Tsipras and others, and that the plan being worked on is to keep Greece in the euro area. Expectations are "low" for a final pact this week…