Summary: It's deal or Grexit
We’ve seen so many deadlines come and go since the Greek debt crisis began. But tonight, I really believe we’re rattling towards a crucial decision.
Europe has given Athens one last chance to produce a credible economic reform plan that could underpin a new bailout. It has also threatened that Greece will leave the eurozone if it doesn’t comply before Sunday, when a new emergency summit will be held.
Speaking after tonight’s eurozone summit, European Council president Donald Tusk warned gravely that the next five days are the most critical in the European Union’s history.
He has called all 28 European leaders to Brussels on Sunday, which could be the moment that Greece begins to leave the Euro.
Tusk warned:
Our inability to find agreement may lead to the bankruptcy of Greece and the insolvency of its banking system. And for sure, it will be most painful for the Greek people.
I have no doubt that this will affect all of Europe, also in the geo-political sense.
If someone has any illusion that it will not be so, they are naive.
The stark reality is that only have five days to find the ultimate agreement.
Commission president Jean-Claude Juncker revealed that Europe now has a “detailed” Grexit plan, suggesting a serious risk that Greece’s membership of the single currency is in doubt.
Juncker said:
On Wednesday morning, Greece must resubmit a modified bailout request to the Eurogroup of finance ministers. They will then discuss it on a conference call.
And Tsipras is due to appear before the European Parliament on Wednesday morning, at 9am Brussels time (8am BST).
And the political reaction in Athens will also be crucial.
Source: www.theguardian.com, Tuesday, July 07, 2015
http://www.theguardian.com/world/live/2015/jul/07/greek-debt-crisis-alex-tsipras-seeks-last-chance-deal-live#block-559c4aafe4b00bdd27708650
I am strongly against Grexit but I can’t prevent it unless the Greek government do what they need to do. We have a Grexit scenario prepared in detail; we have a scenario as far as humanitarian aid is concerned.”
A series of other eurozone leaders have added their weight to Tusk’s warning.
French President Francois Hollande said:.
“It’s not just the problem of Greece [at stake], it’s the future of the European Union”Italy’s Mattei Renzi said he was “not pessimistic” of a deal, adding:
“We’ll see if on Sunday this issue will be solved once and for all,”But Germany’s Angela Merkel warned that Greece has not yet done enough to begin talks about a new bailout. Sunday’s summit has been called, she said, “because we think the situation is so dangerous”.
A series of other eurozone leaders have added their weight to Tusk’s warning.
French President Francois Hollande said:.
“It’s not just the problem of Greece [at stake], it’s the future of the European Union”Italy’s Mattei Renzi said he was “not pessimistic” of a deal, adding:
“We’ll see if on Sunday this issue will be solved once and for all,”But Germany’s Angela Merkel warned that Greece has not yet done enough to begin talks about a new bailout. Sunday’s summit has been called, she said, “because we think the situation is so dangerous”.
Alexis Tsipras, the Greek PM who arrived in Brussels with the backing of most Greek political parties, now faces the unpalatable option of signing up to a deal similar to the one that was rejected by the Greek people on Sunday.
Tsipras remained optimistic, though, telling reporters:
“The discussion was held in a positive atmosphere. The process will be fast, it starts in the coming hours with the aim of concluding it by the end of the week, at the latest.
“The Greek side will continue the effort, having the strong weapon of the Greek people’s verdict ... the vast majority’s will for a viable agreement to end the discussion (about a Grexit) and offer the prospect of finally exiting the crisis.”
Earlier in the evening Tsipras had presented his case for a new bailout to EU leaders, raising hopes that a deal was still possible. It still is, but the consequences of failure have never been quite this clear.
Tsipras remained optimistic, though, telling reporters:
“The discussion was held in a positive atmosphere. The process will be fast, it starts in the coming hours with the aim of concluding it by the end of the week, at the latest.
“The Greek side will continue the effort, having the strong weapon of the Greek people’s verdict ... the vast majority’s will for a viable agreement to end the discussion (about a Grexit) and offer the prospect of finally exiting the crisis.”
Earlier in the evening Tsipras had presented his case for a new bailout to EU leaders, raising hopes that a deal was still possible. It still is, but the consequences of failure have never been quite this clear.
So what happens next?
On Wednesday morning, Greece must resubmit a modified bailout request to the Eurogroup of finance ministers. They will then discuss it on a conference call.
And Tsipras is due to appear before the European Parliament on Wednesday morning, at 9am Brussels time (8am BST).
And the political reaction in Athens will also be crucial.
Source: www.theguardian.com, Tuesday, July 07, 2015
http://www.theguardian.com/world/live/2015/jul/07/greek-debt-crisis-alex-tsipras-seeks-last-chance-deal-live#block-559c4aafe4b00bdd27708650
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