It is reported that just as the Eurogroup had started, the German Fin.Min. W. Schauble and seven more of his colleagues rejected the two proposals and demanded that the institutions and Greece bring one document, ready to be signed by all sides. The same group of ministers criticized the institutions’ document as “too soft” on Greece.
On a completely opposite note, the Greek Fin.Min. Y. Varoufakis stated while exiting the Eurogroup that some of his colleagues criticized the institution's proposal as “too hard”.
The two documents have several common points but there are still differences which do not allow for an agreement between the negotiating parties. Although in the beginning of the day the Greek proposal was hailed as a good platform for a negotiation, during the talks between Mr. Tsipras and the institutions the two proposals that were presented appeared to have a 4bn euro difference between them.
In the meantime, the IMF clarified that even if Greece fails to pay the 1,53bn euro installment, which is due by June the 30th, it will not be considered defaulted, but a country with payments overdue.
Amidst a storm of tweets, speculations and contradicting statements from officials and politicians, it was decided that the Eurogroup will reconvene on Saturday morning. It is noteworthy that the German Chancellor A. Merkel asked for a final solution “Before the opening of the markets on Monday”.