Greece Moving In Direction Of Euro Exit - News Item - General

thenews 2015.06.18 20:08 #101

Dijsselbloem Says Greece Moving in Direction of Euro Exit

Eurogroup President Jeroen Dijsselbloem said that “the way as it goes now we’re going into that direction” of a Greek exit from the euro area.

Dijsselbloem spoke in Luxembourg after euro-area finance ministers on Thursday failed to reach a financial deal to keep Greece afloat.

“Only if the Greeks come up with a new and serious proposal, this could lead to a new agreement, but for now we’re far away from that,” said Dijsselbloem, who heads the group of 19 euro-area finance ministers.

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Eur/usd Eurogroup Gives Greece 10 Greek list likely to

thenews 2015.06.19 08:11 #102

EU's Dombrovskis says do not expect a deal in one day on Monday - Livesquawk

EU's Dombrovskis taking a hard line

Greece did not give credible counter measures
Government must now seriously engage in talks
Debt decisions are linked with program conclusion
Greece is too focused on red lines and not solutions
Cannot conclude review or disperse funds by end of June
There will be no debt write off for Greece

These comments echo Dijsselbloem's sentiment yesterday but it also puts some doubt on June 30 deadline for the IMF payment. It could be posturing as we had headlines yesterday that the EU & ECB could extend funds under the bank recap fund

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Eurogroup Gives Greece 10 Greece says will not Eur/usd

thenews 2015.06.20 03:14 #103

Greece - ECB, IMF "deliberately provoking a bank run ... to force Greece to its knees

Get your weekend off to a great start with a dose of Ambrose Evans-Pritchard!He writes in the UK's Telegraph:

The European Central Bank, the EMU bail-out fund, and the International Monetary Fund, among others, are lashing out in fury against an elected government that refuses to do what it is told.

Does anybody dispute that the ECB - via the Bank of Greece - is actively inciting a bank run:

It warned of an "uncontrollable crisis" if there is no creditor deal
followed by soaring inflation
"an exponential rise in unemployment"
and a "collapse of all that the Greek economy has achieved over the years of its EU, and especially its euro area, membership".

The guardian of financial stability is consciously and deliberately accelerating a financial crisis in an EMU member state - with possible risks of pan-EMU and broader global contagion - as a negotiating tactic to force Greece to the table.

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Greece Effectively Defaults To Will Greece exit the Eur/usd

thenews 2015.06.21 05:40 #104

Greek debt: New proposals to be put to creditors

A Greek minister has said new proposals will be put to creditors ahead of an emergency EU summit planned for Monday.

State Minister Alekos Flambouraris also told Greek media he believed the European Central Bank (ECB) would not allow Greece's banks to collapse.

Reports say billions of euros have been withdrawn from Greek banks in the past week.

The summit comes amid attempts to prevent Greece defaulting on a €1.6bn (£1.1bn) IMF loan repayment.

The European Commission, the IMF and the ECB are unwilling to unlock bailout funds until Greece agrees to reforms.

They want Greece to implement a series of economic changes in areas such as pensions, VAT and on the budget surplus before releasing €7.2bn of funds, which have been delayed since February.

Details of the new proposals have not yet been released.

Monday deadline

Greek Prime Minister Alexis Tsipras has said he believes "there will be a solution based on respecting EU rules and democracy which would allow Greece to return to growth in the euro".

But German Chancellor Angela Merkel has warned there must be a deal between Greece and its creditors ahead of Monday's summit.

Otherwise, she said, the summit would not be able to make any decision.

Mr Tsipras was due to hold further talks with his negotiating team in Athens on Saturday.

Greece's Euro Exit Seems Inevitable - page 11