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Athens and its creditors have finalized their proposals for an agreement. So far, very little is known about the requirements of the Brussels group. According to the sources referred to by the Economist, the creditors could reach consensus with the Greek government on the reforms in the labour law. In contrast, however, it seems that Athens has no chance to change its position on the issue of pension cuts. As for the budget surplus that Greece must attain, a source cited by the economic edition states that it would be "below 1% of GDP in 2015 rising to 3.5% by 2018".

According to the same information, the creditors are ready to agree on a second extension of the bailout programme for many months to come. Thus, Greece will be able to request emergency funding from the European Central Bank and both sides will have time to discuss the third bailout of 30 or 50 billion euro in September or October.

Government sources in Athens in turn indicate that the Greek proposal, which was sent to the creditors on Tuesday evening, provides for the introduction of three VAT rates, namely 6%, 11% and 23%, but after September, so as not to affect tourism market.

The Greek government remains firmly opposed to any changes in the labour law and pension system and insists on a 30% reduction in the tax on incomes of up to 30,000 euro. For incomes above that amount, Athens proposes a gradual increase in the tax rates by 2%, 4% and 6% depending on the income. Athens also proposes to continue collecting the property tax this year too and to attain a budget surplus of 0.8% this year and 1.5% next year.

Earlier today, Alexis Tsipras left for Brussels at the invitation of European Commission President Jean-Claude Juncker. At the meeting, which will take place at 9:30 pm Greek time, they will consider and discuss the proposals of both sides. A while ago, it became clear that the meeting would also involve President of the council of euro zone finance ministers Jeroen Dijsselbloem and representatives of the European Central Bank and the International Monetary Fund.

While the whole world is anticipating the outcome of this small "summit", chief economist of the International Monetary Fund Olivier Blanchard said that "one way or another, there will be a solution" to the Greek problem.

The sources close to the Fund and its board members state that, during last night's meeting, Director Christine Lagarde said at least three times that "now the Greeks will have to decide."