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Greece Refuses to Fulfill Creditors' Proposals on Economic Reforms

© AP Photo / Yorgos KarahalisRuined EU and Greek flags fly in tatters from a flag pole at a beach at Anavissos village, southwest of Athens, on Monday, March 16, 2015
Ruined EU and Greek flags fly in tatters from a flag pole at a beach at Anavissos village, southwest of Athens, on Monday, March 16, 2015 - Sputnik International
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Greece cannot agree to the new proposals on extensive economic reforms made by the international creditors, Greek Economy Minister Giorgos Stathakis said Friday.

MOSCOW (Sputnik) — Greece and its lenders, including the International Monetary Fund (IMF), the European Union and the European Central Bank, are currently negotiating a debt relief deal. On Wednesday, the European Commission and the debt-laden country failed to reach an agreement on a bailout package as Athens refused to compromise on unpopular social reforms demanded by the creditors.

"We are looking forward to getting a deal [with the creditors] as soon as possible. The Greek government cannot accept these new proposals put on the table," Stathakis told the BBC radio.

People are seen on Omonia square in Athens - Sputnik International
Greek Foreign Ministry Source Confirms Athens Delays IMF Payment
Earlier in the day, Greek Foreign Ministry confirmed that the country would delay an over $330 million debt payment to the IMF that was due on Friday. Instead it pledged to bundle its four payments due in June into one.

The country has to transfer over $1.7 billion to the fund by June 19.

The country’s outstanding national debt that emerged following the 2008 economic crisis is estimated at some $350 billion.

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