Greek Prime Minister presented his proposals in Brussels. It will submit it to parliament Friday morning, before the creditors are studying in their turn.
Pressure mounts on Merkel to lend hand to rescue a contract that appears to be gaining momentum. One after the US Treasury, the International Monetary Fund and Donald Tusk, initiator of the crucial summit Sunday, just ask Germany to sacrifice his taboo: the refusal of any Greek debt relief to the euro governments. The triple call, fell at a time when Athens was finalizing a plan draconian budget cuts and unprecedented reforms, aimed at making the least bitter pill to Alexis Tsipras and the 11 million Greeks. To save the country from imminent bankruptcy and get emergency loans, the head of Syriza must take the exact against the foot of his election promises and resounding inflicted by the Greeks to creditors. The detailed list of specific commitments on two or three years was sent Thursday to the European Commission. This morning at 7 am, Alexis Tsipras meets its parliamentary group to submit the text before asking in the wake of the Greek Parliament’s approval to negotiate with Brussels on the basis of his proposals.
If the Greece honors its market share – which remains to be seen within 48 hours – a growing chorus of influential voices argued that the eighteen other capitals of the euro should offer a premium to the political courage of Alexis Tsipras. “Any realistic program came from Athens must find a realistic response on the part of creditors on the issue of debt sustainability,” blurted Thursday Donald Tusk, the man in charge of a summit that should make the difference between integrity and amputation of the euro.
This Friday morning at 7 am, Alexis Tsipras meets its parliamentary group to submit the text.
The former Polish Prime Minister is not the only one to ask Berlin and other capitals of northern Europe to move on the politically explosive issue of a rebate or a discount. At a time of drastic revision of its economic program, Alexis Tsipras would find the wages expected by extremist Syriza. The debt relief was the leitmotif of the victorious campaign in January. It is a promise broken, like many others. But it is up to the creditors … In the name of financial realism that Christine Lagarde has itself to revive its call for the Greek debt restructuring. “An acute attack requires prompt and serious response,” said IMF Managing Director, a way to refer clearly to the Europeans: no one can believe that Athens will ever repay 320 billion euros, the equivalent 21 months of GDP himself trickle.
Close to the White House, is the argument of the crisis too which leads Treasury Secretary, Jack Lew , pressing the Old Continent to conclude postpone all other cases, a clash which global risk far beyond the internal issues. Washington fears a “total collapse” of Greece. But he fears more than anything a new cold snap in Europe, when the US economy is showing signs of weakness and when China is concerned about a possible stock market crash. The US presidential campaign, launched soon, do not need …
Angela Merkel and her finance minister, also seized by the urgency of a deal, do not say more completely not Donald Tusk, Christine Lagarde and Jack Lew. “A typical debt forgiveness is out of question for me,” replied Thursday the Chancellor. The epithet caregiver is no longer a front refusal. Wolfgang Schäuble, long intractable, lets show through flexibility: “The room for maneuver is very small,” he said. It prefers a spread exemption. But it could make the difference.
The absolute prerequisite, of course, is the density of the immediate sacrifices that accepts Alexis Tsipras. Ex-Troika EU-ECB-IMF must start today reviewing the catalog submitted by Athens. The 19 finance ministers of the euro should make their verdict Saturday afternoon, before a summit of the euro, then a European Council where Alexis Tsipras and his peers will have to decide between the agreement and chaos.
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