Wednesday, July 8, 2015

Eurozone on edge as Juncker warns of Grexit preperations

Eurozone leaders were left frustrated on Tuesday when Greek Prime Minister Alexis Tsipras failed to offer a fresh proposal on how to save his country from financial ruin, as officials prepared for a Grexit scenario.

European Commission President Jean-Claude Juncker warned “we have a Grexit scenario prepared in detail” if Greece failed to reach a deal, although he insisted he wanted Athens to stay in the euro club.

“The commission is prepared for everything. We have a Grexit scenario, prepared in detail,” Juncker said.

With Greece’s banks just days away from a potential collapse that could drag the country out of the euro, Tsipras had been expected to offer up economic reforms in exchange for loans.

Instead he came with only vague proposals and a commitment to back it up with real figures and a written plan on Wednesday.

“You know, there was a promise for today. Then, they’re promising for tomorrow,” said Lithuanian President Dalia Grybauskaite. “For the Greek government it’s every time ‘manana’.”

Tsipras came buoyed by a triumph in Sunday’s referendum, where an overwhelming majority of Greeks backed his call to reject the belt-tightening reforms that creditors had last proposed.

But that domestic victory did not appear to give him much leverage in talks with foreign creditors, who know Tsipras needs a deal soon to keep his country afloat. Banks have been shut since last week and will not reopen before Thursday, cash withdrawals have been limited for just as long, and daily business throughout the country has come to a near standstill.

‘Sombre summit’

“I’m extremely sombre about this summit. I’m also sombre about the question of whether Greece really wants to come up with proposals, with a solution,” Dutch Prime Minister Mark Rutte said.

Greece’s eurozone partners have steadfastly said they want to help Greece stay in the currency club but have just as often complained about Greece dragging its feet during months of negotiations.

“At a certain point, you need to get to the truth,” said Belgian Prime Minister Charles Michel, before asking: “Is there, yes or no, a political will of the Greek government?”

A Greek government official, who asked not to be named because of the sensitive nature of the discussions, said Tsipras was presenting a “common ground” to the 18 other leaders Tuesday, while a detailed proposal would come Wednesday.....................



  1. Letzte Chance für die Griechen...

    "Binnen 48 Stunden nach dem Referendum haben wir eine Verabredung mit den Geldgebern" - so lautete das Versprechen des griechischen Regierungschefs Alexis Tsipras. Dieses zeitlich selbst gesteckte Ziel hat er deutlich verfehlt. Auch der erneute Euro-Krisen-Gipfel brachte keine Lösung im Schuldenstreit. Das konnte er auch nicht, weil die Griechen die versprochenen Reformvorschläge nicht im Gepäck hatten - jedenfalls nicht schriftlich.

    Jetzt aber gibt es einen neuen Zeitplan: "Wir haben gesagt, dass die Regierungschefs sich Sonntag wieder treffen werden", sagte Bundeskanzlerin Angela Merkel nach dem Gipfel. Also gibt es einen neuen Krisengipfel am Sonntag. Diesmal ist er nicht im Euro- sondern sogar im EU-Format.
    Faust auf dem Rednerpult

    Doch bis dahin muss noch eine Menge passieren: Griechenland will ein neues Milliarden-Hilfspaket und soll im Gegenzug innerhalb von zwei Tagen Reformvorschläge vorlegen. "Jetzt muss die griechische Regierung uns sagen, wo sie hin will", erklärte ein sicht- und hörbar ungeduldiger EU-Kommissionschef Jean-Claude Juncker. Um seine eindringliche Botschaft zu unterstreichen, bearbeitete er dabei das Rednerpult mit der Faust...........

  2. Greece to submit 'credible reforms'....

    Greek Prime Minister Alexis Tsipras has promised his government will submit "credible reform" proposals to its creditors on Thursday.

    Mr Tsipras was speaking during a fractious debate on the Greek debt crisis in the European Parliament.

    Greece is desperate for a third bailout to avoid bankruptcy and possibly crashing out of the euro currency.

    Meanwhile, the Greek government has insisted that there is no threat to food and fuel supplies.

    In a statement, the Ministry of Economy, Infrastructures, Maritime Affairs and Tourism "reassures both the Greek citizens and the visitors (tourists) that there are adequate food supplies in the market and that their prices remain stable".

    European leaders have set Thursday as the deadline for serious reform plans from Greece in exchange for more aid.................

  3. Greece races against clock to submit reform proposal...

    Greece submitted a request for aid from Europe's bailout fund Wednesday, and is rushing to detail a plan of economic reforms that creditors want to see this week if they are to save the country from financial collapse and keep it in Europe's joint currency.

    Greek Prime Minister Alexis Tsipras earned both cheers and jeers as he addressed lawmakers at the European Parliament, where he said his country is seeking a deal that might bring a definitive end to his country's financial crisis, not just a temporary stop-gap.

    "We need to ensure the medium-term funding of our country with a development and growth program," Tsipras told the lawmakers gathered in Strasbourg,


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