Business
Saturday July 11, 2015
Summit in Brussels
The finance ministers of the Eurozone on Saturday ended their consultations on crisis Greece after nine hours without results and amid strong differences , so continue the talks on Sunday, diplomats said in Brussels.
The head of the Eurogroup, Jeroen Dijsselbloem , did not give his usual press conference after the end of the consultations. Nor was there a joint declaration of the ministers. “It remains very difficult,” Dijsselbloem just said, but stated that progress was recorded.
“We had a thorough discussion on the Greek proposals,” he said. “He discussed the issue of credibility and trust”.
The ministers will meet again this Sunday at 11 local time. According to the Dutch, many countries do not trust the government of Greek Prime Minister Alexis Tsipras, really implement the promised reforms. Some wonder “whether you can trust the Greek government and if that promise will do.”
Athens had presented a new package of cuts and reforms to access a new aid package for 74,000 million euros in three years. Since many countries, including Germany, have qualms, Greece will require additional reforms. Apparently, according to diplomats, the support for Athens comes mainly from France.
According to these sources, finance ministers also want to call Greece to start implementing reforms as soon as possible to regain confidence.
“Some measures should ideally be as approved on Monday to build credibility and trust as quickly as possible,” said a European diplomat on condition of anonymity.
The eurozone ministers prepare the extraordinary summit of their heads of state and government in Brussels on Sunday, which is expected to begin at 16 local time. From 18 they will be gathered all the leaders of the countries of the European Union (EU).
The consultations are carried out under enormous pressure, since the country has to pay for the current month 4,200 million euros to its creditors, which does not count.
Meanwhile, the head of the Social Democratic Party (SPD) and German Deputy Foreign Minister, Sigmar Gabriel, told dpa that the plans of German Finance Minister Wolfgang Schauble, for a possible Greek exit from the Eurozone for five years were discussed thoroughly with German Chancellor Angela Merkel, and with him.
“The SPD aims as before in order to keep Greece in the eurozone if it can create the conditions for it. This is also the common goal of the federal government, “Gabriel said Saturday night dpa.
The Deputy Foreign Minister added that the proposal Sch TM uble for “an exit of Greece from the Eurozone for a limited time is of course the knowledge of the SPD”.
In a paper-making positions who had access to the paper German “Frankfurter Allgemeine Zeitung” Sch TM uble mentions two possibilities: either Athens quickly add enhancements to its proposal or Greece should leave the eurozone for at least five years
Gabiel said. that the SPD placed special value on an agreed procedure and together with France. Regarding the proposal for Greece to leave the eurozone time, he said: “In a difficult situation like this any proposal can be analyzed objectively.” However, this “would only be achievable if the same Greek government considered the best alternative.”
Greece for its patre said no officially received a proposal for a temporary departure from Athens in the eurozone, according to reports Tuesday evening of Hellenic government sources.
After a meeting that lasted until late at night, Tsipras was endorsed by the Parliament to negotiate reforms. If the finance ministers give its approval to the proposals of Athens, would free the way for negotiations on a new aid package were undertaken. If rejected, it is possible that Greece leaving the euro zone end (“Grexit”).
Greece will need over the next three years some 82,000 million euros, according to sources in Brussels. The aid package about now under discussion would be 74,000 million.
The Greek economy, overindebted and that bankruptcy looms, he has received in the past five years 240,000 million euros of international aid.
The creditors said they see the recent proposal for reform of Athens as “a basis for a new European Stability Mechanism (ESM) program,” the commissioner said Economic and Monetary Affairs of the European Union, Pierre Moscovici.
The European Commission, the International Monetary Fund (IMF) and the European Central Bank (ECB) sent its agreement with the proposal late Friday the president of the Eurogroup
.
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