Tsipras' Greek proposals signal a 'good basis for progress' in lead up to crucial eurozone bailout talks

Alexis Tsipras is to meet the heads of the IMF, European Central Bank and European Commission this morning before talks with other eurozone leaders

Alexis Tsipras yesterday set out proposals to try and prevent the country’s default on €1.6bn owed to the IMF (Aris Messinis/ AFP/ Getty)

Alexis Tsipras has outlined proposals that represent a “good basis for progress,” in the hours leading up to a crucial summit over Greece, according to the European Commission.

The proposals come as European leaders meet today in Brussels for emergency meetings in an attempt to break the deadlock surrounding the Greek debt crisis.

Mr Tsipras, the Greek Prime Minister, yesterday set out proposals to try and prevent the country’s default on €1.6bn which it owes to the IMF.

Unless it repays the loan by the end of June, Greece could leave the single currency and even the EU.

Over the past five months, talks between Greece and the European Commission, the IMF and the European Central Bank have stalled, with the creditors unwilling to release €7.2bn of bailout funds unless Greece agrees to economic reforms.

Martin Selmayr, head of cabinet to the president of the European Commission, Jean-Claude Juncker, wrote on Twitter last night that the news Greek proposal that had been received indicated a “good basis for progress at tomorrow’s EuroSummit”.

Mr Selmayr went on to write that it was “a forceps delivery,” suggesting that Mr Tsipras’ proposals would provide assistance to leaders negotiating a deal in a reference to assisted childbirth.

Mr Tsipras will meet each of the heads of Greece’s creditors this morning ahead of further meetings with the other 18 eurozone leaders. Yesterday’s proposals have been seen as a potential signal that Greece is prepared to make concessions.

Described by Mr Tspiras as “mutually beneficial,” the Greek proposals were adopted at an emergency Greek cabinet meeting, although are yet to be revealed.