In the meantime rumours that the differences between the creditors and the Greek government are still crucial, even in the new set of Greek proposals, are spreading.
 
According to an article by the Wall Street Journal,  the Greek plan for the control of the deficit in the public pension and insurance funds is based mainly on the increase of taxes and insurance contributions, a practice which does not find the IMF in agreement as it believes that the Greek economy is already overtaxed and any more taxes will only contribute to the recession, thus hindering the ability of the country to repay its debts.  The Greek government does not feel that it can impose more cuts on pensions and public wages.
 
According to the WSJ, European officials are hoping that the Euro group of Wednesday and the Euro Summit will reach an agreement with Greece as this is the last chance for the country to find the moneys to pay a 1,54bn Euro installment to the IMF, due