Athens expects proposal from creditors on Wednesday

Representatives of Greece's lenders were finalizing a set of proposed reforms for Greece on Tuesday, aimed at breaking an impasse in negotiations and allowing crucial rescue loans to be unlocked, even as Greece said it had submitted its own proposal.

The creditors were expected to submit their proposal to Greece on Wednesday, though it remained unclear whether they would do it by teleconference or deliver it to a government official.

Sources in Brussels, where technical teams have been locked in negotiations for months, indicated that Greece?s proposal to the creditors was too vague and light on detail to form the basis for an agreement.

Earlier in the day, Prime Minister Alexis Tsipras suggested that Greece has made enough compromises and put the onus for concessions on creditors. ?We have submitted a realistic plan for an agreement,? Tsipras said during a visit to the Education Ministry. ?It is now up to the political leadership of Europe to decide,? he said.

The immediate reaction in Brussels was less than encouraging, with sources saying the Greek proposal was ?vague? and not as detailed as the one being drawn up by creditors. Eurogroup President Jeroen Dijsselbloem was characteristically blunt. ?In Greece, they must realize that drastic measures are necessary,? he told Dutch broadcaster RTL, noting that creditors could not disburse more loans to Greece without the approval of the Eurogroup. ?There is some progress, but it?s really not enough,? he said.

The so-called Euro Working Group is expected to convene by teleconference on Wednesday afternoon to discuss Greece. It remained unclear whether talks would focus on just the creditors? proposal or the Greek blueprint too.

According to sources, the creditors started...