Finance ministers forge deal to avoid Grexit

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Making the Deal

German Reform Package

Raise VAT – Reduce services – Cut jobs

BY KYLE ANDREW BROWN

WASHINGTON, July 12 – The financial stakes for Germany and France are high. It is understood that they hold massive Greece debt on their own banks portfolios. We’re talking billions and billions of euros.

How they got there – well everybody knows. The cozy German financial pyramid scheme had the diplomats at the European Union and the IMF sorta co-sign off on loans, er bailout, er aid packages to Greece.

The bankers who booked these billions in loans – those guys in suits – they made out well. So did apparently those well placed Greeks in the oligarch class and the YES neighborhoods.  Read more

LIVE BLOG

https://twitter.com/JosephMuscat_JM/status/620486213816983552 https://twitter.com/JosephMuscat_JM/status/620482497411969024

Summit continues 

07/13/2015 04:59 a.m.

Now, leaders are back together in a big group. A paper with compromise proposals before them.Whether there will be an agreement on depends on the Greek Prime Minister Tsipras.
Despite a compromise paper presented at the Euro-summit further no breakthrough is in sight.Athens defends himself particularly against the continued involvement of the IMF and the proposed privatization funds. Negotiations for a larger group were interrupted again. News in Live Blog.
LIVE BLOG

Dispute on one last point

07/13/2015 08:49 a.m.

The last remaining issue on the Euro summit is a privatization fund for Greece. Negotiations in a large group going after a hour-long break now in the final round may be. But a Greek minister warned already that the proposals in the parliament in Athens probably fail. News in Live Blog.

Also Cyprus speaks of an agreement/h4>
13/07/2015 08:49 a.m

Also the speaker of the Cypriot Government reported that there was an agreement at the Euro summit and now again come together the big round of state and government.

Agreement at the Euro summit

13/07/2015 08:47 a.m.

According to the Belgian Government Charles Michel, the leaders have achieved on the Euro Summit agreement on Greece. Summit continues in large group
13/07/2015 08:43 a.m.

Negotiations at the summit of Heads of State and Government to go further now in a large group. The shares of the Prime Minister of Malta, Joseph Muscat, with. Commissioner: All want Greece to remain in euro
13/07/2015 08:34 a.m.

EU Economic Affairs Commissioner Pierre Moscovici sees a common will of all to remain in Greece in the currency union. “There is clearly a common desire to ensure that Greece remains in the euro zone,” says Moscovici the radio station RTL. “I’m sure that there is this desire.”

EU Monetary Affairs Commissioner Pierre Moscovici.

Greek labor minister doubts parliamentary majority for pads

13/07/2015 08:26 a.m.

The Greek Labour Minister Panos Skourletis expects claims to later this year with new elections. He doubted that the conditions of the euro area will find a majority in parliament in return for new aid, he explained in the state television ERT. “Right now, there is the problem of a government majority,” said Skourletis. “We make it very clear: This is not our deal.” The Minister added: “I can not blame anybody who can say ‘yes’ this is not.”

ARD correspondent: “A solution is not yet in sight”

13/07/2015 08:15 a.m.

Even after ARD information, there are now only a sticking point in the negotiations of the leaders of the euro zone: the privatization of state assets through the trust fund proposed by Germany.On the question of participation of the IMF agreement had been reached, says ARD correspondent Caroline Imlau in Brussels. “There probably needs Tsipras simply live with the fact that the IMF is back in the boat.” Still applies: “A solution is not yet in sight.”

Lithuania’s President leaves summit

The Lithuanian President Dalia Grybauskaite leaves according to media reports also the summit. She goes apparently from an imminent agreement. Lithuania is among those countries that stand for a hard line against Greece.

Apparently, only a central point of contention

13/07/2015 07:41 a.m.

Negotiations at the euro summit clearly come out ahead. According to the Slovenian Government Miro Cerar only the question of a Greek Privatisation Fund is now solved. “I hope that we will soon find an agreement,” he says in the morning in Brussels. Due to other commitments leaves Cerar the summit and declared that he would be representing the interests of his country by the Dutch Prime Minister Rutte. Should the privatization funds actually be the last point of contention, that would mean that the conflict over the continued involvement of the International Monetary Fund would be solved.

Schulz: Eurozone could fall apart

EU Parliament President Martin Schulz warned again in the morning before a withdrawal of Greece from the euro zone. Negotiations in Brussels stood “on a knife edge,” said the SPD politician in Germany radio. “Since the euro zone can fly apart.” But he continues to go away from that hurdles would still overcome on the way to an agreement can. “I believe that the risks of a Grexit are greater than if we keep Greece in the euro,” said Schulz.

Merkel and Hollande consult again with Tsipras and Tusk

After the interruption of the discussions in the big group of leaders of the 19 euro countries going negotiations since early morning on again in small groups. The news agency dpa reported that again Chancellor Angela Merkel, French President Francois Hollande and EU Council President Donald Tusk spoke with Greek Prime Minister Alexis Tsipras in a small circle on a compromise.

End of the summit also after 15 hours not in sight

13/07/2015 07:26 a.m.

Since Sunday afternoon, the leaders of the euro zone in Brussels sit together and discuss part in a large group, some in small discussion groups on a solution for Greece. It is still unclear whether there is an agreement and when this summit ends.

Tsipras advises phone repeatedly with Athens

13/07/2015 07:20 a.m.

One possible agreement is delayed, according to participants of the summit circles. Again and again, the Greek Prime Minister Alexis Tsipras had phone talk with Athens. It becomes increasingly clear that Greece especially against two points has fundamental objections: the further involvement of the International Monetary Fund (IMF) as part of the intended third aid program and the envisaged privatization funds in combination with the required privatization proceeds, which are in the order of 50 billion euros should.

ARD correspondent: “It’s wide open again”

13/07/2015 06:26 a.m.

In the supposed final round of summit talks, the Greek Prime Minister Alexis Tsipras said to have stated that he could not approve an agreement of principle, reported ARD correspondent Rolf-Dieter Krause. The points that he should have accepted in the discussions on a possible compromise paper previously, thus called into question. The concerns addressed accordingly among other things against the proposed privatization funds and the further involvement of the International Monetary Fund. “It is now again in a new final in these negotiations. And suddenly, after it looked long after an agreement, seems again to be all open,” said Krause on ARD television.

This morning in the Assembly

BY KYLE ANDREW BROWN

ATHENS, July 11 – The Hellenic Parliament voted shortly after midnight this morning to support the Government of Prime Minister Alexis Tsipras reform package for consideration by the Institutions.

The measure carried YES – 251, NO – 32, PRESENT – 8  

Never in a million years did the German Chancellor ever consider that Alexis Tsipras would be calling a snap Citizen’s Plebiscite. A one week electoral exercise that Germany could not narrate. That international financial heavy weights could not influence.

After all – “It’s against the rules!”   Read more

Greece does not capitulate

 © Francois Lenoir / Reuters

Emergency Greece meeting was interrupted the night – Finland pulls hard line

HELSINKI, JULY 11 – Euro zone finance ministers’ meeting was interrupted last night after nine hours of torque in Brussels. The negotiations were expected in advance very difficult. Many ministers were talking about a crisis of confidence before the beginning of the meeting. Read more

Germany loses half it’s support for Grexit

“BERLIN, July 11 – The negotiating parties and their representatives at the summit: For Germany, it has clearly become lonely last. Few advocate for the Grexit. Austria’s Chancellor Faymann is positioned neutral.

We must rescue Greece with support for the Greek government,” said Italian Prime Minister Matteo Renzi on Friday morning. If it were up to the Italians, the EU summit would take place on Sunday evening because they may have settled the debt dispute with Athens earlier. Read more

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