There was this famous and very threatening deadline over the Greeks heads this morning. The creditors had allegedly told Greece “either … or…”, “take or breake”, “capitulate or go”.
Or even worse! Had the Greeks not submitted a new reform proposal, the Eurogroup would decide on creditors’ proposals with Greece in absentia. In a very democratic North Korean Style, so to say.
2 offls: if @atsipras doesn't have deal by 11am, creditor plan given to 1pm #eurogroup. "Take it or leave it" arrives http://t.co/RlEEmhd884
— Peter Spiegel (@SpiegelPeter) June 25, 2015
Short after 12:30 noon, Brussels correspondents started to report that Greece did indeed submitted a new proposal to the creditors, that the Greek delegation was about to leave the EU Commission Headquarters for the hotel (“the cars had arrived to pick up the Greeks”), while others reported that ECB’s Mario Draghi had left the meeting as well. Within half an hour it was clear, that the top creditors had left the meeting building. For lunch?
And then… the surprise! Austrian Finance Minister Hans Jörg Schelling told reporters in Brussels that
The Final Deadline for Greece deal is on Sunday.
While the creditors seem to have messed up their deadline depeches to Greece, the Euro Working Group convened, the EU officials and the technical teams have been adding the final touches for a “feasibility blueprint” to serve as basis for the Eurogroup meeting and the euro finance ministers are stand by and on-call to fulfill their duties.
As these dramatic developments occur in Brussels, the world keeps spinning around issuing new deadlines before and after the new deadlines…
PS I don’t want to believe that Mario Draghi left the meeting and is heading to ECB in order to withdraw his savings… :p