ANKARA
Greece's institutional creditors have drafted a detailed plan for economic reforms for the country in an effort to reach an agreement on bailout terms.
The creditors - the International Monetary Fund (IMF), the European Central Bank, and the EU - have put together what is reportedly a tough proposal demanding severe limits to Greek government spending, and obliging the country to run a primary surplus, or a positive cash balance after expenses, of 3.5 percent of Gross Domestic Product (GDP).
The plan will be proposed to Greece on Wednesday, and the Greek government announced that it had submitted its own plan to creditors Monday night, according to the Financial Times.
Greece has until the end of the month to make a total of about $2 billion in debt payments to the IMF, but the country is reported to be almost out of cash.
It is hoped that negotiations on Wednesday will lead to the release of the next 7.2 billion euro ($7.8 billion) tranche of the bailout.
However, Jeroen Dijsselbloem, head of the Eurogroup, said late Tuesday in a television interview that the two sides "were still far apart".
