Fresh Greek proposals over bailout

Greek officials say they have made new proposals aimed to strike a quick deal with bailout creditors and unlock vitally needed rescue funds.

The proposals were submitted late on Monday to the European Union’s economic and monetary affairs chief, Pierre Moscovici.

A Greek official said the two texts contained alternative ideas on budget measures required for creditors to approve the bailout payment, and proposals on “a workable plan” to render Greece’s crushing debt load viable.

Yanis Varoufakis, Greece's Finance Minister.

The submission follows last week’s impasse, when bailout creditors responded to a 47-page Greek proposal with a brief counter-offer that Athens rejected as containing “absurd” measures.

A deal must be struck before the end of June, when Greece’s bailout program ends.