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News After the failure of negotiations between the zone. euro and Athens in Brussels on Monday, creditors of Greece gave him a week to accept an extension of its current funding program
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Next step Tuesday It is “clear that the next step must come from the Greek authorities (… .) and in view of the calendar, we can use this week, but that’s about all, “said the president of the Eurogroup Jeroen Dijsselbloem after the abrupt end of the negotiations. On Monday, the first proposed draft text was deemed “unreasonable” and “unacceptable” by the Greek government. The finance ministers of all EU find themselves in Brussels on Tuesday for a long-planned meeting, when Greece may again be the focus of discussion.
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Minister of Finance confident After this warning shot, Yanis Varoufakis, Greek Finance Minister responded quickly?. , remaining confident about the possibility of reaching an agreement quickly. “I have no doubt that in the next 48 hours, Europe will manage to submit (a document) so that we begin the real work and put together a new contract” for Greece, he has said.
What are the issues? In Athens, the consequences are very important. The challenge of the Eurogroup was how Greece will finance short term, while its aid program expires on 28 February. Without a quick deal, Greece, which can only borrow prohibitive levels and faces significant repayments in the coming months, could end up running out of money. With the risk ultimately an exit from the euro. Analysts, however, Athens could survive financially until the summer but “with limited liquidity.”
Greece advocates a relaxation of reform. The new Greek government radical leftist Alexis Tsipras proposes instead a program of reforms eased without the measures deemed most antisocial. In short: get rid of the conditions for the aid programs imposed since 2010 by international creditors in exchange for 240 billion euros in loans to avoid bankruptcy
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For their part, the countries of the euro zone consider instead that Greece can overcome its unilateral program Using that expires in late February. According to them, the only solution for Athens is to ask an “extension” of it.
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