While Greece sounded an upbeat tone on talks through the weekend, creditors said the list submitted by Athens on Friday was more a collection of ideas than something that could be presented to the Eurogroup.
While most analysts are confident an eleventh hour deal will be struck, some are already preparing for the worst.
"I'm pretty sceptical that Greece will be able to come up with reforms to satisfy their European partners," said Intesa Sanpaolo's Sergio Capaldi, recommending investors exit the market. "I just don't see room for manoeuvre within the government coalition."
Greece has proposed setting up a bad bank to deal with the rising level of bad loans and estimates it will raise a smaller- than-expected sum of about 1.5 billion euros from asset sales this year, a finance ministry official said on Monday.
There was no immediate reaction from Athens on whether a new list of reforms would be submitted.
Ten-year Greek yields rose 12 basis points to 11.16%, while shorter-dated yields were up some 46 bps at 20.96%.
Officials expect Athens to submit a more detailed list on Monday. The measures are meant to raise 3 billion euros and Greece has already excluded "recessionary measures" such as wage and pension cuts.
"It does not look like a smooth affair," said Commerzbank strategist David Schnautz. "The situation may well get worse before it eventually improves, leaving the risk of an accident."
Source: Reuters
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