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Grexit Day next Sunday, Euro Zone members warn Tsipras

Wednesday, July 8th 2015 - 08:12 UTC
Full article 4 comments
“Until now I have avoided talking about deadlines, but tonight I have to say loud and clear that the final deadline ends this week” said Donald Tusk “Until now I have avoided talking about deadlines, but tonight I have to say loud and clear that the final deadline ends this week” said Donald Tusk
Merkel said she hoped to have convincing reform commitments from Tsipras on Thursday so she could ask the German parliament to authorize negotiations Merkel said she hoped to have convincing reform commitments from Tsipras on Thursday so she could ask the German parliament to authorize negotiations
At the Brussels emergency summit representatives of the 19-country Euro zone said all 28 European Union leaders would meet Sunday to decide Greece's fate At the Brussels emergency summit representatives of the 19-country Euro zone said all 28 European Union leaders would meet Sunday to decide Greece's fate

Euro zone members announced on Tuesday that they have given Greece until the end of the week to come up with a proposal for sweeping reforms in return for loans that will keep the country from crashing out of Europe's currency bloc and into economic ruin.

 “The stark reality is that we have only five days left ... Until now I have avoided talking about deadlines, but tonight I have to say loud and clear that the final deadline ends this week,” European Council President Donald Tusk told a news conference.

Prime Minister Alexis Tsipras has until Friday to present the proposal, but German Chancellor Angela Merkel said she hoped to have convincing reform commitments from Tsipras on Thursday so she could ask the German parliament to authorize negotiations on a new aid program.

Merkel said she was “not exaggeratedly optimistic” for a solution.

At an emergency summit in Brussels on Tuesday, representatives of the 19-country Euro zone said all 28 European Union leaders would meet on Sunday to decide Greece's fate. The talks were organized after Greeks voted in a referendum on Sunday against a bailout that carried stringent austerity measures.

French President Francois Hollande said the European Central Bank would ensure that Greek banks had the minimum necessary liquidity to stay afloat until Sunday.

The situation in Greece worsened with banks closed for a second week, limited cash withdrawals and businesses feeling the crunch of demands from vendors for cash payments.

Tsipras sounded upbeat as he left the summit, even though many of the reforms demanded by his partners would inflict more pain on Greeks who voted at his behest to reject the austerity measures in return for financial aid.

“The discussion took place in a positive climate,” he said. “The process will be extremely fast. It starts in the coming hours, with the aim to conclude by the end of the week at the latest.”

He promised to work for a socially just deal that would bring a “final exit” from the crisis, return Greece to growth and restructure Greek debt to make it viable.

However Euro zone finance ministers complained that their new Greek colleague Euclid Tsakalotos, while more courteous than his abrasive predecessor Yanis Varoufakis, had brought no new proposals to a preparatory meeting before the summit.

“I have the strong impression there were 18 ... ministers of finance who felt the urgency of the situation and there is one ... who doesn't feel the urgency of the situation,” Belgian Finance Minister Johan Van Overtveldt said.

Categories: Economy, Politics, International.

Top Comments

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  • ChrisR

    If it means the UK pays less to the EU, WGAF?

    Jul 08th, 2015 - 07:22 pm 0
  • Briton

    The experts reckon that the vote will be 27-0

    Britain should back Greece and make it 26-1

    just my opinion.

    Jul 08th, 2015 - 07:30 pm 0
  • Britworker

    His intention is to leave the EU zone, but he can't be seen to leave by his electorate as he will be blamed for the hardship which will follow, he has to be able to go back to Greece and convincingly sell to them that he has been pushed out, then he can blame Germany and France. He is currently playing for time.

    Nothing will be offered to EU zone on Thursday, but he has to pretend he has been the one who has been prepared to negotiate and bend.

    I'm not sure why Mrs Merkel is dragging the rest of us into this mess, it's nothing to do with us, we never joined that doomed currency.

    Jul 08th, 2015 - 09:44 pm 0
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