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Europe's last-minute offer to Greece likely to fall flat

There is little indication that Greece's prime minister will reverse his repeated rejections of the EU's bailout offer, which he has dismissed as a 'humiliation' for Greece.

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Giannis Papanikos
A supporter of the NO vote in the upcoming referendum, with representations of the Greek flags on his person, takes part in rally in the northern Greek port city of Thessaloniki, Monday, June 29, 2015. Anxious Greek pensioners swarmed closed bank branches and long lines snaked outside ATMs as Greeks endured the first day of serious controls on their daily economic lives ahead of a July 5 referendum that could determine whether the country has to ditch the euro currency and return to the drachma.
  • By Renee Maltezou and James Mackenzie Reuters

| Athens

European Commission President Jean-Claude Juncker made a last-minute offer to Athens in a bid to reach a bailout agreement before the deadline expires on Tuesday, European Union and Greek government sources said.

Under the offer, Prime Minister Alexis Tsipras would have to send written acceptance by Tuesday, in time for an emergency meeting of the Eurogroup of euro zone finance ministers to be held and agree to campaign in favor of the bailout in the planned July 5 referendum.

However, there was little sign that Tsipras was prepared to drop his repeated rejections of the bailout offer, which he has dismissed as a "humiliation" for Greece.

A Greek government official said that it listened with interest to what was being proposed but said: "Alexis Tsipras will vote "no" on Sunday."

Tsipras would have to send a written acceptance of the version of proposals from the lenders published on Sunday, with a pledge to campaign for them to be accepted in the planned July 5 referendum.

The offer published on Sunday incorporated a proposal from Greece that would set value-added tax rates on hotels at 13 percent, rather than at 23 percent as originally planned in the lenders' proposals. It was not immediately clear whether there would be any additional changes.

If the offer were accepted, the euro zone finance ministers could adopt a statement saying that a 2012 pledge to consider stretching out loan maturities, lowering interest rates and extending an interest payment moratorium on euro zone loans to Greece would be implemented in October.

The offer would be conditional on a letter to Juncker, Eurogroup chairman Jeroen Dijsselbloem, German Chancellor Angela Merkel and French President Francois Hollande arriving in time to arrange an emergency meeting of the Eurogroup on Tuesday.

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