ATHENS, Greece (AP) - Greece is to present a draft bill of reforms to creditors Wednesday in the hope it will earn their approval and pave the way for the unlocking of vitally needed bailout funds.
ATHENS, Greece (AP) — Greece is to present a draft bill of reforms to creditors Wednesday in the hope it will earn their approval and pave the way for the unlocking of vitally needed bailout funds.
The draft bill is expected to include measures proposed by Finance Minister Yanis Varoufakis during the government's negotiations, which have dragged on for more than three months and raised concerns the country might not get the loans in time to avoid a debt default.
The bill will be discussed with representatives of the International Monetary Fund, European Central Bank and European Commission, dubbed the Brussels Group, on Wednesday.
The exact reforms have not been publicly announced, but are expected to include reforms to some tax measures. Athens hopes they will be sufficient for its creditors to approve the disbursement of the final 7.2 billion euro ($7.9 billion) installment from its 240 billion euro bailout.
After long delays and with Greece expected to run out of cash within weeks, hopes rose this week that progress was finally being made.
The European Commission said Tuesday that talks were now "being made more productive and efficient" and that the pace of negotiations had "intensified" since last weekend's meeting of eurozone finance ministers, where Varoufakis came under intense pressure from his colleagues.
Prime Minister Alexis Tsipras said this week he expects a deal to be reached by May 9, in time for the next finance ministers' meeting.
Time is running out. Greece faces nearly 1 billion euros in debt repayments to the IMF by May 12. It is expected to be able to meet the repayment as well as this month's pensions and salaries if it raises as much as it expects from a plan move to use cash reserves from state enterprises.
But beyond that repayment date, Greece will have trouble finding the money to keep the country running and pay off debts. The government is locked out of the international borrowing market by sky-high interest rates that reflect investor fears it will default.