(VOVworld) – New proposals from Greece to resolve the debt crisis have been positively received by the three international creditors, the European Union (EU), the International Monetary Fund (IMF) and the European Central Bank (ECB), as a “good basis for progress”, according to German EU official Martin Selmayr on Monday, after receiving the proposal. However he did not provide any specific details on the exact nature of the proposal.
The Bank of Greece Governor Yannis Stournaras said that Athens had proposed the establishment of an independent Council to oversee Greece’s disbursement implementation.
This council has the autonomous right to limit repayments if it leads to a budget deficit.
Greece has one week in which to repay its 1,6 billion euro IMF loan. If it fails, it will face bankruptcy. Available domestic cash resources have been drying up, except for the bailout package of 7.2 billion euros, given on the condition of tightening savings in the state budget to ensure future repayments.