European Commission

There has been some progress in talks with Greece on more funding in exchange for reforms, but not enough, European Commission President Jean-Claude Juncker said on Thursday.

With Friday's deadline for repaying over EUR 300 M of debt to the IMF drawing closer, Greece is racing against time to clinch a reforms-for-cash deal with its creditors that will help the country avert default.

Greek Prime Minister Alexis Tsipras will likely hold fresh talks with European Commission chief Jean-Claude Juncker and creditors on Friday, European sources said, after an earlier round broke up with no deal.

Premier Victor Ponta reaffirmed on Thursday that Romania is currently in a very good economic situation, but cautioned that a series of domestic challenges and external threats represented by "Russia's aggressiveness" in the region and the situation of Greece must be taken in consideration in the next months and years.

By Karolina Tagaris & Deepa Babington

Lawmakers from Greece's ruling SYRIZA party reacted with dismay and fury on Thursday to a package of reforms creditors offered Prime Minister Alexis Tsipras in return for cash, with one senior party official calling it a "murderous" proposal.

EU Economic and Monetary Affairs Commissioner Pierre Moscovici said on Thursday he was sure Greece and its creditors would reach an agreement on a cash-for-reforms deal and that Greece would remain in the eurozone.

"My deep conviction is that we will find a deal on Greece," Moscovici told an economic seminar in Brussels organized by the European Political Strategy Centre.

Greece and the EU said Thursday debt talks would continue to reach a deal on disputed reforms as Athens began to feel the heat of a wave of June debt repayments.

With over 300 million euros ($336 million) due to be repaid to the IMF on Friday, the radical left Greek government was under mounting pressure to reach a default-saving agreement with its creditors.

European Commission head Jean-Claude Juncker said Thursday "challenging" negotiations with Greece would continue, after late night talks with premier Alexis Tsipras broke up without a deal.

"I was sleeping three hours after having had long challenging discussions and negotiations with the Greek prime minister," Juncker told a committee hearing at the European Parliament.

Greece and its creditors failed to reach a breakthrough at crunch talks in Brussels June 4 despite saying they had made progress towards a deal that could save Athens from a possible euro exit.

Transportation Minister Ioan Rus will meet European Commissioner for Mobility and Transport Violeta Bulc on Thursday in Brussels; Romania's Transport Master Plan and current topics of the EU transportation policy are on the table.

Photo credit: (c) Liviu SOVA / AGERPRES ARCHIVE