Sunday, July 12, 2015

Eurozone finance ministers emergency meeting adjourned

Eurozone finance ministers have adjourned their crisis meeting on Greece until tomorrow morning.

Eurogroup chief Jeroen Dijsselbloem said:

"We have had an in-depth discussion of the Greek proposals, the issue of credibility and trust was discussed and also of course financial issues involved, but we haven't concluded our discussions, saying It is still very difficult but work is still in progress,"

The emergency meeting of eurozone finance ministers in Brussels ran into significant difficulty, after one of the three parties in Finland's coalition government threatened to leave office over a third bailout for Greece.

The Finnish state broadcaster YLE reported that the Finns Party threatened to bring down the coalition government if any more money was to be given to Greece.

The situation was complicated even further by a leaked German finance ministry paper which suggested one option for resolving the Greek debt crisis was for the country to leave the euro temporarily.

Eurozone finance ministers will resume their meeting to decide whether they will support the Greek government's package of economic reforms.

Sceptical eurozone finance ministers demanded that Greece go beyond painful austerity measures accepted by Prime Minister Alexis Tsipras if he wants them to open negotiations on a third bailout for his bankrupt country to keep it in the euro.

Ministers lined up to vent their anger at Mr Tsipras on arrival at their umpteenth emergency weekend meeting on Greece's acute debt crisis, with Athens staring into an economic abyss when financial markets reopen on Monday unless it wins fresh aid........http://www.rte.ie/news/2015/0711/714080-greece-vote/

11-12/7/15
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4 comments :

  1. Finnish media said on Saturday that Finland wants Greece to leave the euro zone at least temporarily....

    The three party coalition was on the brink of disintegrating on Saturday, but in the end the populist True Finns Party got its will accepted, media reported.

    Finnish national broadcaster Yle said Finland is likely to block the authorization of a further loan to Greece. Yle reported that the relevant parliamentary committee on Saturday gave Finance Minister Alexander Stubb a strong instruction against a further loan before Stubb traveled to Brussels for the meeting of euro zone finance ministers.

    Yle said Finland has the strongest stand among the euro zone countries against a further loan and Finland may be alone with such a strict view in the meeting. As unanimity is required, decision making would then be likely to shift to the meeting of prime ministers on Sunday.

    Yle quoted political sources in Helsinki as saying that the three-party cabinet under Prime Minister Juha Sipila almost fell on Saturday as the Finns Party was unconditionally against giving a large new loan to Greece.

    Leading Finnish newspaper Helsingin Sanomat also reported that Finland wants Greece to leave the euro zone. The newspaper said its source was reliable.

    The options would be either an official stepping out or a temporary exit. Helsingin Sanomat said the political stand of Finland is that Greece leaves the euro zone at least temporarily.

    Earlier the Finnish government line had been that Greece could be supported further if the responsibilities of Finland would not be increased. But now the Finnish line has been toughened, HS reported on Saturday.

    The parliamentary committee had reportedly voted several times on the issue. The members of the committee had been told not to leak out the decision.
    http://www.china.org.cn/world/2015-07/12/content_36040077.htm

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  2. Greece bailout deal will not come 'at any price' - Merkel....

    German Chancellor Angela Merkel has warned a Greek bailout deal would not come "at any price" as she arrived for a eurozone summit aimed at bridging gaps on how to keep Greece in the single currency.

    "There will be no agreement at any price," Ms Merkel told reporters in Brussels as she joined leaders from the 19-country eurozone.

    She pointed to the question of trust in the hard-left government in Athens, which she called "the most important currency", and warned of "tough negotiations" ahead.

    The chancellor said the eurozone finance ministers' meeting ahead of the summit had not yet agreed on a document for formally launching negotiations for a bailout.................http://www.rte.ie/news/2015/0712/714251-greece-talks/

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  3. L'Eurogroupe prône la création d'un fonds de 50 milliards d'euros, alimenté par des actifs publics grecs, qui serait administré par les instances européennes....

    Ce fonds, en fait une mise sous tutelle européenne d'actifs grecs, est censé restaurer la confiance des créanciers en la bonne volonté grecque. Il réclame aussi de la Grèce un excédent primaire (c'est-à-dire un budget en boni, intérêts de la dette exceptés) de 3,5% du PIB en 2018. Une demande que les experts, y compris du FMI, de la BCE et de la Commission européenne estimaient samedi, lorsqu'ils ont présenté la situation grecque au même Eurogroupe, avaient estimée irréaliste...

    Les ministres des Finances de la Zone euro ont en outre transmis dimanche aux chefs d'Etat un document qui évoque noir sur blanc l'option d'une "sortie temporaire de la zone euro" de la Grèce, selon une copie obtenue par l'AFP. Le texte évalue les besoins de financement de la Grèce à plus de 80 milliards d'euros, dont 7 milliards avant le 20 juillet, et 20,5 milliards avant la mi-août.

    Parmi les "durs", le ministre finlandais des Finances, dont le gouvernement est soutenu par la droite radicale, s'est montré très péremptoire: la Grèce doit faire valider, par son parlement, ces conditions avant le 15 juillet pour pouvoir espérer, en échange, se voir concéder le plan d'aide qu'elle réclame.............http://www.rtbf.be/info/monde/detail_grece-les-negociations-tres-tres-difficiles-de-l-eurogroupe-reprennent-sommet-ue-annule?id=9030308

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  4. l'option d'une sortie temporaire de la zone euro, noir sur blanc...

    Les ministres des Finances de la zone euro ont rédigé dimanche une liste de nouvelles conditions posées au gouvernement grec pour commencer à négocier un nouveau plan de sauvetage financier. Parmi elles figurerait une sortie temporaire de la zone euro en cas d'échec à trouver un accord.................lesechos.fr

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