Greece closer to default as creditors throw out latest proposals

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Greece's creditors have rejected large chunks of a proposal submitted earlier this week by the Greek government, returning counterproposals covered with red ink days before Greece is due to make a major repayment to the International Monetary Fund.

Leaked counterproposals, with changes marked, were published today (June 24) by the Financial Times. The document shows there are still major differences between the two sides, with the creditors pushing for deeper expenditure cuts, tougher pension re

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