Sunday, June 28, 2015

Greece activates the corralito: banks closed one week and … – Clarín.com

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The Greek government decided last night to close banks and imposing capital controls. Nor will open the bag. Greece tries to stand up to the referendum on Sunday. Athens did not say how long the banks will be closed. Prime Minister Alexis Tsipras urged patience and calm to its citizens and promised that bank deposits are safe and there is no risk of default on pensions and wages.

Something moved yesterday to creditors. The European Commission, the IMF and the European Central Bank (ECB) yesterday made a last attempt, clearly coordinated, to rebuild the negotiations with Greece to a day of default. Athens must pay tomorrow almost 1,600 million euros to the IMF.

The ECB took the first step. In an emergency meeting, the body chaired by the Italian Mario Draghi decided to maintain emergency liquidity lines (ELA, its acronym in English) to the Greek banking to its current level. If the banks had withdrawn had collapsed Monday.

banks are closed one week and cash withdrawals from ATMs are limited to between 100 and 300 euros.

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Shortly after two press releases confirming the movement of creditors. The President of the European Commission, Jean-Claude Juncker, published the latest proposal put before the creditors to Greece on Thursday.

But the document, in English and Greek and so far only known by leaks, he brought a small assignment (tourist tax lowered from 23% to 13%) and a surprise: for the first time an official document of the negotiations put in writing the need to study the “debt sustainability”. The IMF released a similar statement which also dealt with the debt.

Shortly thereafter, the German newspaper “Sueddeutsche Zeitung” told the German Angela Merkel and France’s Francois Hollande would agree with that measure. US President Barack Obama had called at noon to Merkel. Washington calls an outlet to keep Greece in the euro and avoid default.

The publication of the proposal by the Commission, the executive arm of the EU, contrary to the finance ministers of the euro and especially its president, Dutchman Jeroen Dijsselbloem, who on Saturday had said that the negotiation was broken, the door closed and the Greeks were to vote on a document that was not already on the table.

The coordinated initiative opens a new stage. European sources explained that it would give something to the Greek Prime Minister Alexis Tsipras to sign the agreement. They recognize that the referendum is almost impossible to stop, but try that with these changes Tsipras asked to vote in favor of the agreement. The European Commissioner for Economic Affairs, the French Pierre Moscovici, said “Greece must remain in the euro” and that “the door remains open for negotiations the latest proposal”.

But Tsipras was, according to one source Community, to take the first step and inform European leaders who, based on new terms, the agreement itself calls for the referendum. Brussels pessimistically expected last night after Tsipras had not made that move in a televised address to the nation.

In addition to the approval of Berlin, Brussels has the public support of Paris. French Prime Minister Manuel Valls intervened yesterday to say before the decision of the ECB, which “can not cut the supply” to the Greek banks. Valls asked to re-negotiate but warned that a negative vote on the proposal of the creditors “no real risk of leaving the eurozone”.

The European Commission needs to know that the promise Tsipras writing of a debt restructuring. And has the enormous pressure that Washington did all day yesterday.

Manfred Weber, leader of the Conservatives in the European Parliament and man Merkel said yesterday that the party of Syriza Tsipras- “no You can blackmail the eurozone, it is a message to countries with upcoming elections. ” Is the recognition that the differences, rather than economic, are purely political because the extension for Southern Europe of leftist revolt that questions of European economic policy in recent years is feared.

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