The Europeans have given themselves until Sunday to reach an agreement with Greece and otherwise prepare the “dark scenario” of an output of eurozone countries euro, after a summit Tuesday, July 7 when Athens came empty-handed, without concrete proposals for reform. The Greek government must submit a formal request on Wednesday for a two-year assistance program. In parallel, Tsipras has until Thursday to give Europeans a first list of reforms.
“The time is really serious and we can not exclude this black scenario, if we have no agreement by Sunday,” said Donald Tusk reacted, President of the European Council at a press conference in Brussels. Even the head of the European Commission, Jean-Claude Juncker, who has long refused to talk about “Grexit” confessed that he did not exclude more “no assumptions”.
Meanwhile, Greek Prime Minister Alexis Tsipras, said he was determined to “continue the effort” to reach an agreement with creditors, “which guarantees crisis” and “put an end” to the prospect of a Grexit.
Here, live, the events of Wednesday, July 8.
In Brief
- A final summit of the 28 countries of the euro area will take place next Sunday.
- Greece got a little time to submit a draft reform and file a request for assistance to the European Stability Mechanism (ESM).
- The Grexit scenario is no longer taboo in the corridors of the European Commission. A plan for a Greek exit from the euro zone was even prepared.
8:40: Christian Noyer called on Europeans to reach an agreement to avoid the worst
“The Greek economy is on the brink of disaster, it is absolutely an agreement on Sunday, the latest, after it is too late and the consequences will be severe, “said on Europe 1 radio, Christian Noyer member of the Board of Governors of the European Central Bank keeps alive the Greek banks
8:00. Moscovici wants to believe in an agreement at the end of the week
“The place Greece is in the euro area. The door of the European Commission is open to find a solution, “said this morning Pierre Moscovici, the European Commissioner for Economic and Financial Affairs on France2 .
“We expect concrete proposals and reforms. The ball is in the camp of Greece,” said Pierre Moscovici, judging be “closer to an agreement than last week.”
7:00: The French have confidence in Merkel to resolve the crisis
According
Ifop poll for Le Figaro , RTL and LCI, 24% of French only trust the head of state out of the Greek crisis.
However, they are much more confident about Angela Merkel (44%). 51% of Germans trust the Chancellor
6:00. The ECB Governing Council meets today
According to the German press, the Governing Council of the European Central Bank should organize today a meeting about emergency loans it grants to Greek banks.
5:01: The German Red Cross ready to humanitarian aid in Greece
The German Red Cross is ready to quickly provide humanitarian aid to Greece, in a state of financial emergency, and already meet “challenges in health care,” the spokesman of the organization, Dieter Schütz.
The German Economy Minister and Vice Chancellor Sigmar Gabriel said Monday, 6 July that European leaders would probably discuss humanitarian aid for Greece, whose banks have been closed since June 28 and whose economy is almost at a standstill.
Tuesday, July 7
7:22 p.m.: Proposals of Greece expected Wednesday
The Greek government will present a text Wednesday synthesis, to advance negotiations on its financing, taking into account “the proposals of the institutions”, “the results of the referendum,” and the common position of the Greek political parties set Monday, according to a Greek government source. This proposal for a “common ground for a viable agreement” will be made at the meeting of finance ministers of the eurozone (Eurogroup) provided Wednesday by phone.
6:11 p.m.: Greece puts on the table the proposals of 30 June “improved”
This proposal includes “reforms, financing needs of the country and the debt settlement” and ” must be discussed Tuesday and Wednesday “with European partners, according to a government source.
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