Defiance, threat of Grexit … Ministers of Finance of the euro Saturday night struggled to move towards a possible bailout of Greece . By late evening, the ministers were working on writing a press including new measures by Athens before a potential third bailout to keep Greece in the currency bloc, said Saturday night a source close to the negotiations. The reform package, which adds to the reform package presented by the government of Alexis Tsipras Thursday would include measures of liberalization of its economy and assurances regarding the implementation of this program.
All day, discussions were difficult, “blocked on the lack of confidence,” said after two hours of discussion a source close to the talks. “We talk to rebuild trust”, said another source, adding that “the climate is not easy for the Greeks.” The Eurogroup should theoretically move forward in discussions on a possible third financial rescue plan for Greece before an extraordinary summit of Heads of State and Government of the Union planned Sunday night.
Failing Okay, this summit could derive a little more towards the exit of Greece from the eurozone countries, feared by European leaders. According to a European source familiar with the discussions, Germany also plans a temporary exit of Greece from the single currency, for a term of five years, if the country does not improve its reform proposals.
Hawks in close formation
Upon arrival, hawks Eurogroup melted all greenhouses on the outside Greece, denouncing insufficient proposals and questioning the sincerity of the government of leftist Syriza to effectively implement the reforms he proposes in exchange for EU aid. “There is a big trust issue,” said the boss of the Eurogroup Jeroen Dijsselbloem. “Do we can trust the Greek government to do what they promise in the coming weeks, (the next) month or (next) years?” He asked himself.
hard camp leader, the great financier German Wolfgang Schäuble predicted negotiations “extremely difficult”. “We can not trust promises,” he insisted. The settlement hopes raised at the end of last year “have been reduced to nothing incredible in recent months,” insisted the German Conservative minister, referring to the six-month government of Syriza and many fruitless negotiations between Athens and its creditors.
Opposite, even the doves of the Eurogroup, favorable in Athens, awaiting the Greek Minister of Finance firm up Tsakalotos Euclid. “It is necessary reforms implemented quickly (in Greece, ed), it’s the key to everything (…) to unlock a program to address the issue of debt,” said the European Commissioner for Economic Affairs Pierre Moscovici .
Tsipras no longer unanimity within Syriza This
program, including a rise in VAT, cuts in pensions and privatization, was greeted quite favorably by creditors, the EU , the European Central Bank and the International Monetary Fund. The most accommodating countries with Athens had also welcomed the Hellenic proposals. But the hawks, who had themselves been silent these last three days have gone down in flames Saturday the proposals.
According to the calculations of the creditors, if the third aid package requested by Athens born , Greece could receive between 74 and 82 billion euros over three years, including 16 billion already provided for in a program IMF to expire in March 2016. The Eurogroup could also consider a temporary solution, financial “bridge” that would allow Greece to pay 20 July ECB .
But this massive aid could be achieved only at the cost of difficult and unpopular reforms . These are more or less those measures that were rejected by voters in the referendum of July 5. The Greeks had then rejected, 61% of the vote, the austerity measures demanded by creditors, very similar to the background finally voted in Saturday night by the Greek Parliament. In addition, Alexis Tsipras is now facing discontent from his hardliners hostile to creditors, and takes the risk of disappointing the electorate.
Meanwhile, speaking for France, Michel Tree said Paris, rather conciliatory with Greece since the beginning of the crisis, would play the “dash” to the end in the negotiations.
Failing Okay, this summit could derive a little more towards the exit of Greece from the eurozone countries, feared by European leaders. According to a European source familiar with the discussions, Germany also plans a temporary exit of Greece from the single currency, for a term of five years, if the country does not improve its reform proposals.
Hawks in close formation
Upon arrival, hawks Eurogroup melted all greenhouses on the outside Greece, denouncing insufficient proposals and questioning the sincerity of the government of leftist Syriza to effectively implement the reforms he proposes in exchange for EU aid. “There is a big trust issue,” said the boss of the Eurogroup Jeroen Dijsselbloem. “Do we can trust the Greek government to do what they promise in the coming weeks, (the next) month or (next) years?” He asked himself.
hard camp leader, the great financier German Wolfgang Schäuble predicted negotiations “extremely difficult”. “We can not trust promises,” he insisted. The settlement hopes raised at the end of last year “have been reduced to nothing incredible in recent months,” insisted the German Conservative minister, referring to the six-month government of Syriza and many fruitless negotiations between Athens and its creditors.
Opposite, even the doves of the Eurogroup, favorable in Athens, awaiting the Greek Minister of Finance firm up Tsakalotos Euclid. “It is necessary reforms implemented quickly (in Greece, ed), it’s the key to everything (…) to unlock a program to address the issue of debt,” said the European Commissioner for Economic Affairs Pierre Moscovici .
Tsipras no longer unanimity within Syriza This
program, including a rise in VAT, cuts in pensions and privatization, was greeted quite favorably by creditors, the EU , the European Central Bank and the International Monetary Fund. The most accommodating countries with Athens had also welcomed the Hellenic proposals. But the hawks, who had themselves been silent these last three days have gone down in flames Saturday the proposals.
According to the calculations of the creditors, if the third aid package requested by Athens born , Greece could receive between 74 and 82 billion euros over three years, including 16 billion already provided for in a program IMF to expire in March 2016. The Eurogroup could also consider a temporary solution, financial “bridge” that would allow Greece to pay 20 July ECB .
But this massive aid could be achieved only at the cost of difficult and unpopular reforms . These are more or less those measures that were rejected by voters in the referendum of July 5. The Greeks had then rejected, 61% of the vote, the austerity measures demanded by creditors, very similar to the background finally voted in Saturday night by the Greek Parliament. In addition, Alexis Tsipras is now facing discontent from his hardliners hostile to creditors, and takes the risk of disappointing the electorate.
Meanwhile, speaking for France, Michel Tree said Paris, rather conciliatory with Greece since the beginning of the crisis, would play the “dash” to the end in the negotiations.
VIDEO Tree. “France, a hyphen”
Pierre Moscovici, the European Commissioner for Economic Affairs, said for his part that the rapid implementation of reform is the “key to all to achieve an agreement that would provide for the financial survival of Greece in particular addressing the “question of debt.” Alexis Tsipras, the Greek Prime Minister, demands a “discount” of 30% (about 100 billion), that refuses Merkel
VIDEO Moscovici.. “A timely implementation of the reforms is the key All “
Also present at the meeting as a creditor of Athens, Christine Lagarde , director general of the IMF, for its part declared wait “much progress” of the meeting.
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