Austrian chancellor wants five-year plan for Greece

Greece needs to work on a five-year plan with its creditors and European Commission President Jean-Claude Juncker in principle agrees on this, Austria's Chancellor Werner Faymann told reporters on Tuesday.

The European Commission received new proposals from Greece on Tuesday as it negotiates a new debt deal with its international creditors that could unlock new funding from the cash-strapped country.

Faymann said efforts should aim to create a mid-term outlook for Greece's finances, rather than focus on short-term solutions that merely help the country move from one crisis to another at ever-shrinking intervals.

"Mid-term solutions, also as envisaged by the Commission, of course require intensive talks with Greece and then to make a plan for five years," Faymann said.

"From my perspective - and I know that the Greek government thinks the same way in principle and that the president of the (European) Commission also sees it this way in principle."

There was no immediate comment from the European Commission.

[Reuters]