ANKARA
Greek Economy Minister Giorgos Stathakis has said "there is now a basis for a formal accord" even though Greek bailout negotiations are expected to continue late into the evening in Brussels.
Stathakis remarks were made to the BBC Monday.
Earlier, a meeting of European leaders was cancelled Monday, as Jeroen Dijsselbloem, head of the Eurogroup, announced that finance ministers were still working to come to grips with Greek proposals, and that the European government heads would be informed once a more concrete proposal for agreement was on the table.
Dijsselbloem said that the new Greek proposals for economic reforms, sent Sunday, offered "an opportunity" for an accord.
Stathakis said that significant progress had been made. He said that he now expected the eurozone government heads to issue a communique later Monday that would say there was now a basis for a formal agreement with Athens to complete the current bailout program and release the next tranche of the bailout, €7.2 billion ($8.2 billion) which the Greek government needs to fulfill its obligations.
Stathakis said that the new proposals included new taxes on businesses and the wealthy, and some increase in the Value Added Tax rate on selected items. But no compromise was made on pension reform, he added.
He also said the government had agreed that the budget surplus would be 1 percent of the Gross Domestic Product this year, 2 percent next year and 3 percent the year after, as creditors had demanded.
Dijsselbloem added that another meeting might be held later this week to give all ministers time to understand and react to the new Greek proposals.
