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.