But he and new Finance Minister Euclid Tsakalotos came with no new ideas Tuesday, angering some participants. Following Sunday’s referendum the Gree…
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Could a real Greek endgame be finally at hand?
They will be evaluated and then passed on to Eurozone finance ministers, who will meet on Saturday. Following Sunday’s referendum the Greece and its membership i…
The ECB, which has been keeping Greek lenders afloat, said Monday it had decided to maintain emergency funding to the country’s banks – so-called Emergency Liquidity Assistance (ELA) – at its current level of 89 billion euros.
But European heads of state voiced their displeasure that Greek Prime Minister Alexis Tsipras walked into the summit without a new plan to solve his country’s financial crisis, a years-long drama that now has shut Greek banks for a week and could force the country out of the eurozone.
Without a deal, which European leaders said they would decide on by Sunday night, Greece seems destined to stumble out of the euro currency union and face an uncertain future as a bankrupt stand-alone economy.
Tsipras said Greece’s troubles predated his arrival in office in January and condemned the “austerity experiment” his country has endured over the past five years that he blames for spiraling unemployment and poverty. For the first time he stated explicitly that the problems facing Greece are not just the fault of the evil creditors.
The EU’s Economic Affairs Commissioner Pierre Moscovici said an agreement with Greece was possible but it was up to its government to make credible proposals to its fellow eurozone members.
Greek Prime Minister Alexis Tsipras addresses the European Parliament in Strasbourg, France, July 8, 2015.
Patience among Greece’s allies was wearing very thin going into Tuesday’s summit.
German Chancellor Angela Merkel, who arrived in Brussels saying there was still no basis for reopening negotiations with Athens, changed her tune in the room and was actively involved in efforts to find a last-ditch solution, eurozone sources said.
“You know, there was a promise for today”.
He undertook to present today detailed proposals for a comprehensive and specific reform agenda.
Greek banks are running out of cash even after the government placed limits on how much depositors can withdraw. He also reached out to other peoples “suffering under austerity” – a sign that he can see how it might hurt elsewhere in Europe for Greece to get special treatment.
In addition, Greece wants “a settlement until the end of the month” while preparations are made for a durable bailout agreement. One thing is sure: European leaders must recognize this is a critical moment in the eurozone’s history.
Greece defaulted on an global Monetary Fund loan repayment last week, becoming the first developed nation to do so.
“It’s not fair for the people of Greece”, he said.
Normal commerce is now impossible in Greece.
Greeks delivered a rebuff to Europes leaders on Sunday, decisively turning down a deal offered by the countrys creditors. And suppliers are demanding that businesses pay cash up front.
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The lack of progress on Greece anxious stock markets in Europe, where the Stoxx 50 index of top companies was down 2.1 percent on Tuesday. That includes Euro periphery bond yields, suggesting that European policymakers have managed to corral the possibilities of a ripple effect impacting the eurozone should debt-laden Greece be shown the door.
