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The three hour meeting of the Eurogroup in Luxembourg ended and shown that – as expected – it was unsuccessful. President of the European Council Donald Tusk gave the news of the night – Next Monday June 22 an Extraordinary Summit will be held.
Zougla.gr / Translation
 
At the same time, the German press reports on a new proposal by lenders on the extension of the existing program until the end of 2015.
Die Zeit, which relies on confidential sources, reports that the current program will be extended in order to avoid the risk of bankruptcy, offering “breathing room,”  for the Greek government, which observes continuing deposit withdrawals that are “choking” the banks.
 
Although the distance between Athens and Brussels  persists,  as noted by on the twitter account of European Commission Vice Valdis Ntomprovskis immediately after the end of the meeting:
 
Both sides agree that the hour glass empties, setting a zero point to the end of the month.
Yanis Varoufakis: “There is not much more time left.”

  

Speaking to reporters after the talks, Greece Finance Minister Yanis Varoufakis stressed the mood:

They are no reforms, adding: “Greece has emerged the champion in action.” “The Greek government, sensing a historic moment called on the partners to make a quick deal at the ministerial level or better yet the heads of state” 

“We came close to the institutions. Our small differences can not justify a lack of agreement. The Greek delegation sent a strong message to the Eurogroup presenting a comprehensive proposal that if accepted, will put an end to the drama of recent years, “he said.

In addition, Yanis  Varoufakis revealed an “innovative proposal” submitted by the government to ensure that the budget will not return to deficits.

“One of the great anxieties that are our partners is there a government divert the budget. We shared concerns and proposed a framework for monitoring budget execution, which will be combined with an automated system and will be an immediate reduction of all public spending, “he noted.

“The Greek government, sensing a historic moment urged partners to proceed with a rapid negotiated at ministerial level or better heads of State. The remaining time is not much, but enough for a mutually beneficial solution.”

Moreover, shortly before turning arrows towards the Greek side, the head of the IMF Christine Lagarde, noted “It is possible to talk with vague phrases – they must come with concrete proposals. To be credible these proposals.”

Ntaiselmploum: “Unfortunately has become very little progress”

“Unfortunately in today’s work found that there has been very little progress on the issue of Greece. It is not possible to reach agreement so far. However it is still possible to have an elongation of the program, “he said at the press conference.

“We are working on the basis of the agreement of February 20. Within this there were two kinds of wellness:

To allow institutions to see the current state of the Greek economy and move under it, and replaced some meters from me suggestions. We use these items without going so far convergence.”

The ball is in Greece’s court, it is entitled to forward new proposals and to approach institutions. The hourglass empties, we have no time until the end of the month and Athens must make progress in order to be a viable solution for itself and the eurozone.”

Call Moskovisi: “Interest of all the integrity of the coin”

The European commissioner Moskovisi from his side noted that “we discussed with the Greek government, with one goal: to bring stability to the country. It is in everyone’s interest to ensure the integrity of our currency “and called” the Greek government to return to the negotiating table. We are approaching the end of the game, “he said.

Die Zeit: Schedule 12 billion. Without IMF

As the German average, institutions are ready to propose a plan to extend the current program until December  European officials, on Thursday night, denied the report in Die ZeitIn this context, 10.9 bn. euros that were left in the EFSF –

And were intended for the recapitalization of banks will be used to repay the debt of Greece to the ECB and the IMF in the coming months.

While the European Central Bank will allow Greece to proceed with versions Treasury Treasury Bills for 2 billion Euros, which could absorb the Greek banks and to use them as collateral to raise liquidity from the ECB. Again, according to the same information, the IMF will not participate at this stage.

But should then participate depending on the developments will be in what regards the issue of debt restructuring. It is noted, however, that on Thursday evening European officials denied the report.

Maximus: “The people know who is playing wretched toys “

For their part, government circles, in response to press reports, refer to unnecessary design and artificial capital flight, with the aim of causing unrest and economic destabilization.

“These tactics are butter on bread of lenders who want to blackmail further the Greek government. Greece does not blackmailed. Our people know who bleed for interests and who is playing lousy games. The attempt of these cycles fall in vacuo.

Will impact the calm, sobriety and determination of the government and the people. The only weapon that would like to have is the fear of our people. Others do not,” they say.

Last updated: Thursday, June 18, 2015, 22:58

Zougla.gr / Translation

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