Greece fails to reach initial deal on reforms with lenders; Merkel says no time to lose

Greece failed to reach an initial deal with the European Union and the IMF to unlock aid after the creditors dismissed a package of reforms from Athens as ideas rather than a concrete plan, officials said on Tuesday.

The lack of a deal further raises pressure on Athens, which faces the prospect of running out of money in a few weeks unless it can convince lenders to dole out more financial help.

Athens put a brave face on the failure to reach an agreement with the "Brussels Group" of representatives from the EU and the IMF, saying it remained keen for a deal on the basis of its long-held demand that the measures it is asked to implement do not hurt economic growth. Lenders will intensify efforts to collect data in Athens, it said.

German Chancellor Angela Merkel said on Tuesday that Greece needed to stick to its commitments and though there was some leeway for the new government to make some changes, it needed to fulfill the general framework of what had been agreed.