Creditors warn Greece must step up its proposals on bailout

Greece?s European creditors have made it clear that the country has to improve its offers in ongoing bailout talks if a meeting among leaders on Wednesday in Brussels is to yield a breakthrough.

There was anticipation over a meeting between Greek Prime Minister Alexis Tsipras, German Chancellor Angela Merkel and Frances Francois Hollande on the sidelines of a European Union-Latin America summit.

The meeting comes after Greece made new proposals to end a standoff in talks with its bailout creditors. But the EUs executive Commission says the offers are still not good enough to unlock 7.2 billion euros ($8.2 billion) in bailout funds that Greece needs to pay its debts at the end of the month.

"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 said.

Merkel said only that "If the Greek prime minister wants to talk to us, we will obviously do so."

The lack of visible progress in the negotiations over the past weeks has revived fears Greece could default on its debts and drop out of the euro, a move that would create huge uncertainty for Europe and global markets.

"The goal is to keep Greece in the eurozone," Merkel said. "Where there is a will, there is a way." Yet she insisted it was up to Tsipras first and foremost to show that willingness.

Greece has three weeks left to conclude a deal with its creditors before its bailout program expires at the end of the month, when it will also have to repay about 1.6 billion euros ($1.8 billion) to the International Monetary Fund.

French President Francois Hollande also said he stood ready to meet with Tsipras if need be and stressed the importance of reaching a deal.<...