FXStreet (Mumbai) - In an interview with BBC on Monday, Greece’s economy minister Giorgos Stathakis said, new Greek proposals have finally broken the deadlock with foreign lenders.

Stathakis said that he expected the Euro group would issue a government-level communique to state that the outline of a deal is agreed, with the communique now subject to technical work.

Turning focus to the reform proposal from Athens, he noted that this would include a new tax on businesses, a new tax on the wealthy and some increases in the VAT rate on selected items. At the same time, he specified that further reductions in pensions or public sector wages and an increase in VAT on electricity has been ruled out.

Euro group finance ministers failed to reach an agreement regarding Greece on Monday, disappointing those who had hoped for a breakthrough. However, technical talks are likely to continue this week.