Greece makes 11th-hour reform offer to avoid default

Greek Prime Minister Alexis Tsipras made a new offer on reforms to foreign creditors yesterday, signaling 11th-hour concessions to break a deadlock pushing Greece to the brink of bankruptcy.

French President Francois Hollande confirmed Greece had submitted new proposals. EU diplomats said the proposal had not arrived but representatives of European and IMF creditors were set to meet yesterday to discuss it.

It was not immediately clear how far the new proposal yielded to creditors’ demands for cuts and tax hikes.