Isolated diplomatically after the victory of “no” Sunday’s referendum on the proposals of creditors, Greece was granted a stay of less than 48 hours to present a reform plan and file a formal request for assistance to the European Stability Mechanism (ESM).
“The harsh reality is that we have only five days to reach a final agreement” warned Donald Tusk, President of the European Council, during a press conference after the summit.
A summit Saturday and another Sunday
While Many analysts felt that Tuesday’s meeting was the last chance to break the deadlock, this deadline was indeed postponed a meeting of finance ministers of the euro area Saturday.
German Chancellor Merkel wished to obtain in the week enough proposals from Athens to ask the Bundestag to approve the opening of discussions for a new long-term assistance plan.
“All the Heads of State and Government of the European Union will meet on Sunday on condition that the Greek Prime Minister Alexis Tsipras submit by Thursday a detailed plan” , she said .
The ECB will ensure minimum liquidity for Greece
If this plan is considered adequate and that the Greek government begins to implement a short-term loan may be granted to Greece, the Chancellor continued.
The European Central Bank will ensure the minimum liquidity to Greece until the members of the eurozone shall decide on a draft agreement, said Francois Hollande on his side but felt that an agreement was possible.
He said that the finance ministers of the eurozone would meet Saturday to decide on the reforms proposed by Greece, before a Summit of Heads of State and Government of all EU Sunday.
Greece has made credible proposals for an appropriate funding promised by the end of the week to put an end to the crisis, said Tuesday Greek Prime Minister Alexis Tsipras.
“A positive atmosphere”
“The Discussions were held in a positive atmosphere. The process will be fast. It will begin in the coming hours with the objective to conclude no later than the end of the week “, has he told the press.
” The Greek side will continue its efforts, strong robust weapon of the verdict of the Greek people (…) which decided by a large majority in favor of a viable deal to end the discussion and pave the way for an exit crisis’ .
The President of the European Commission Jean-Claude Juncker, however a defender of the integrity of the eurozone, warned against a failure of the negotiations.
“I am firmly against a Grexit but I can not prevent it if the Greek government does not do what it should do” , he warned.
A detailed scenario of a Greek exit from the eurozone was prepared, he continued.
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