19:55

The Greek government has just released a statement slamming the new proposal tabled by creditors.

They say:

The Greek government delegation came to today’s negotiation based on the text of the proposal which institutions had accepted as a base of discussion on Monday.



The institutions, for their part, tabled a new proposal which transfers the burden [of austerity] to wage earners and pensioners in a way which is socially unfair while at the same time suggesting measures to avoid the increase of burden on those who have (to give).”



The Greek side cannot agree with such a [change of] direction. Negotiations are continuing at all levels.”



Veteran political commentator Alexis Papachelas predicated that the tough bargaining could continue all the way through to Tuesday when Athens must meet a debt repayment of €1.6bn euro to the IMF.



“I don’t think anything will happen tonight. There is a very negative climate ... we should not be surprised by anything, this tough bargaining could continue all the way through to 11:45 on Tuesday,” he told Skai TV’s flagship news program.