The Eurogroup ended abruptly, Athens refusing the extension of the current financial aid plan.
The Greek question intractable precipitates again the club of the euro to the brink of crisis eleven days of the end of the scheduled second financial rescue plan in progress, Finance Minister Yanis Varoufakis broke off the discussion by rejecting an offer in compromise his 18 counterparts from the Eurogroup.
The team of Alexis Tsipras refuses for the moment to adopt the promises of the previous government to snatch the final tranche of the plan aid, € 7 billion of credit, which would avoid bankruptcy in the spring. On the merits, nothing has changed since the last meeting of ministers on Wednesday. Greece on Monday rejected as “unacceptable” a first compromise. He planned to extend for six months the “current program (recovery, Ed) by using the best existing flexibilities,” according to the text seen by Le Figaro.
Most of the common currency capitals insist instead for an extension, with the prior compliance with most of the commitments made in 2012 by the Conservative government of Antonis Samaras. The Eurogroup has given Athens until Friday to reconsider. “This is for Greece to make the next move (…) by the end of the week, no more,” said dryly said the president of the Eurogroup, Jeroen Dijsselbloem, having cut short the meeting.
The countdown weighs on the nerves. Each presents its own “red line” and, echoing from 2010-2012 showdown, France and Germany are heard first dissonances. Michel Sapin and Wolfgang Schäuble had taken their brands publicly before even leaving their capital. The first three roles, the Minister Varoufakis, the head of the Eurogroup and the head of the ECB, Mario Draghi, have offered a tight smile in response to reporters on arrival in Brussels.
Before you say no, the Greek Minister set the tone in an interview with the New York Times . Greece “does not want to be treated as a debt settlement, he said, it will no longer accept European funds without being offered a credible recovery plan to repay them. We are ready confronting powerful interests. ” It’s done. Athens plays David against Goliath. In the capital, the crowd had again gathered outside the Parliament to support the radical left government and demand the cancellation of debt.
The response of the German minister came from an interview with Deutschlandfunk public radio. He wants to discredit the new Greek government, denounced his refusal to compromise and behavior “quite irresponsible.” The problem? “Greece has been living beyond its means for a long time and nobody wants to give money for nothing.”
Michel Sapin, he clings to the good offices role that has yet to be fruit. Creditors, he wants Alexis Tsipras is resigned to request the extension until the summer of the second recovery plan, in contrast to its election promises. But in return, Europe “must respect the vote of the Greek people,” he said on France 2. He wants to leave the Premier Greek time to refine its course.
Where to place the cursor between the strict respect of the word and a bridge loan unconditionally? This is the question asked since the electoral victory of SYRIZA on 25 January. Monday night, Pierre Moscovici, Commissioner of the euro, assured that “there is no alternative to the program extension” of recovery. On the precipice, Yanis Varoufakis wanted to believe in an ultimate compromise “within 48 hours”. In case of release into the night, it would probably a third appointment – perhaps Friday – to specify a new roadmap before the ax of 28 February. If out Greece would approach a payment default scenario or even a euro exit by accident.
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