Greek shares declined 1% with the main ATG index at 808.69; Creditors are not quite satisfied yet

Greece still needs to come up with a package of reforms that its creditors could accept. A final tranche of funding under the existing bailout will only be released if agreement is reached on reforms.

The proposals offered up by Greek finance minister Yanis Varoufakis have thus far been rejected by eurozone finance ministers as too vague.

A reminder of what the initial proposals from Greece were:

1) Creating an Office for Fiscal Responsibility, to monitor government policy

2) Improving budget preparation

3) Hiring ‘casual onlookers’ to fight tax evasion - citizens and tourists wired up with recording kit to find evidence of firms dodging VAT.

4) Tackling Greece’s unpaid tax problem, by offering a discount to those in arrears and writing off some of the ‘unrecoverable’ debts.

5) Offering new licences to online gambling sites, replacing the current system which doesn’t raise any revenue

6) Reforms to force government agencies to share information better, rather than bombarding citizens with requests.

7) New allowances for food and rent for poorest Greek families, and reconnecting power supplies to those who have been disconnected for not paying their bills.

Hostility between Germany and Greece is escalating. Germany’s finance minister Wolfgang Schaeuble described Varoufakis as “foolishly naive” on Tuesday, referring to the Greek finance minister’s comments to the press. And today Greece has raised the stakes by suggesting it will not be lectured by a country that has Germany’s past. In turn, the German government has dismissed threats from the Greek government, which has claimed it is ready to seize German assets as compensation for Nazi war crimes, The Guardian reports.

Also, Greece has successfully sold €1.3bn of Treasury bills, covering the amount it needed to refinance a maturing issue.

The issue was more costly for the government however, with the paper sold at a yield of 2.7%, up from the 2.5% yield at a previous sale in February.