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European Commission Not Satisfied With Latest Greek Reform Proposals

FILE - Greek Prime Minister Alexis Tsipras gestures during his visit at the Ministry of Culture, Education and Religious Affairs in Athens.

The European Commission said Wednesday it was not satisfied with Athens' latest reform proposals, as Greek Prime Minister Alexis Tsipras was scheduled to meet in Brussels with German Chancellor Angela Merkel and French President Francois Hollande to discuss new bailout funds for the debt-ridden country.

Greece has three weeks to come up with enough cash to avoid a default on its obligations to the International Monetary Fund when its international rescue package expires at the end of June.

The European Commission said Wednesday that the new Greek proposals "do not reflect" earlier discussions between Brussels and Athens.

"For this final push the commission is of the view that the ball is clearly now in the court of the Greek government," Commission spokesman Margaritis Schinas told reporters in Brussels.

On Tuesday, Greece offered a new economic reform plan to its international creditors - the International Monetary Fund, the European Central Bank, and Greece's European neighbors.

Details of the new ideas Greece sent to its lenders were not disclosed, but some officials said they focused on revised fiscal targets for Greece's beleaguered government and new ways to generate revenue.

Greece's new radical leftist government is engaged in a standoff with its creditors over implementing ongoing austerity reforms agreed to by earlier Greek governments.

Germany and France are two of the largest single contributors to Greece's bailout package.

European leaders say they are examining Greece's latest proposals. If they fail to reach agreement, Greece could pull out of the eurozone, abandoning use of the common EU currency - something Prime Minister Tsipras opposes.

Tsipras said in an interview published Tuesday that failure to reach a deal would be a catastrophe for the eurozone.

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