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24 Jun, 2015 09:48

PM Tsipras says Greek creditors didn’t accept reform plan

Prime Minister Alexis Tsipras said the international creditors didn’t accept the new Greek proposals prior to another round of negotiations on Wednesday. Fears are escalating Greece could default and leave the eurozone.

READ MORE: Greek debt crisis LIVE UPDATES

In his official Twitter account Tsipras said the international creditors have never been so persistent in rejecting reform plans, neither in Ireland nor in Portugal.

The repeated rejection of equivalent measures by certain institutions never occurred before-neither in Ireland nor Portugal. #Greece (1/2)

— Alexis Tsipras (@tsipras_eu) June 24, 2015

This stance means they either don’t want an agreement or serve specific interests in Greece, he added.

Leading negotiators including IMF chief Christine Lagarde say a debt deal should not be expected until the end of the month, not at this week’s meetings.

The finance ministers of the 19 eurozone countries are to hold talks on Wednesday to sort out the details of the new Greek proposals. Tsipras will also meet ECB President Mario Draghi, IMF Managing Director Christine Lagarde and European Commission President Jean-Claude Juncker on Wednesday to try to strike a deal before the June 30 deadline to repay about €1.6 billion of IMF debt.

A broader meeting of all 28 EU members is scheduled for Thursday.

What's Coming Next for #Greece? http://t.co/TBgHQbfXeK via @business#Grexitpic.twitter.com/q6nSLjEwCP

— Andrew Barden (@abarden) June 24, 2015

European stocks fell on the Tsipras statement. The Stoxx Europe 600 Index was down 0.5 percent to 396.69 at 13:08pm MSK. The Greek ASE Index fell 3.1 percent, ending its four-day upward trend, and is the biggest drop among Western European markets.

Spot the moment the Tsipras headlines came out. http://t.co/tzZkz4TZWgpic.twitter.com/2AOtvaCbuo

— Joseph Weisenthal (@TheStalwart) June 24, 2015

On Monday Tsipras offered a new package of proposals that focuses on tax increases on Greek firms and wealthy individuals, which is expected to help the country meet its budget targets.

READ MORE: Greece’s ‘first real proposals’ raise hope of debt deal ‘in 48 hours’

Several dozen protesters gathered in Trafalgar Square in London on Tuesday in solidarity with Greece. Similar protests took place in Lisbon and Athens earlier this week.

Greece and its international creditors have been stuck in tough negotiations over the country’s multibillion euro debt for five months. Tsipras’ leftist Syriza party came to power aiming to end austerity measures, while the troika of international lenders insists the Athens should cut its spending and comply with their budget requirements.

The creditors want Athens to hit a target primary budget surplus of 1 percent of annual GDP by the end of the 2015 in the hope of achieving a 2 percent target in 2016 and 3 percent in 2017.