Greek ministers unyielding as creditors make cash-for-reform proposal

Athens

GREECE's international creditors put a final cash-for-reform proposal to eurozone finance ministers on Thursday in a showdown with Athens after lengthy negotiations failed to yield an agreed plan to avert an imminent default.

Defiant Greek ministers said they would stick to their own proposals, based largely on increases in tax and social contributions, which the country's lenders say would not raise enough revenue to plug a gaping budget hole.

"The decision lies exclusively with the Greek authorities. They have, however, rather gone backwards," German Finance Minister Wolfgang Schaeuble said on arrival for the second emergency Eurogroup meeting in less than 24 hours.

Without a deal by the weekend to unlock frozen aid, Greece, which has received two bailouts worth 240 billion euros (S$361 billion) since 2010, is set to default on a crucial repayment to the International Monetary Fund…