Saturday , February 4 2023
Home / News / Economy / UPD5 June 30th: Last minute solution? Eurogroup meeting at 7 pm!

UPD5 June 30th: Last minute solution? Eurogroup meeting at 7 pm!

Greece is one minute before 12. Midnight sharp we will not all turn into pumpkins but rather into default, should we believe local and foreign media. As the whole reporting about “Greece’s Doomsday” is strongly influenced by the pro or contra propaganda with regards to Referendum on upcoming Sunday, I stress right away that I am very cautious on what I hear from here and there, from left and right. Unless the information is confirmed by official government or EU or Eurozone or USA or Whoever else officials.

Today, Tuesday, 30. June 2015, the facts are:

1. Greece has to pay €1.6 billion to the IMF after it ‘bundled’ its June tranches. IMF’s deadline is …well there is some confusion about this due to time zones and other ‘mysterious’ things – probably like ‘working hours'(?)

According to Independent

For the purposes of clarity, the deadline is in fact 11pm BST – or 6pm in Washington, where the International Monetary Fund is based.

That is 1 am Wednesday, Greek time.

However, Prime Minister Alexis Tsipras told state broadcaster ERT Monday night that

“We will pay the IMF, if they [creditors] come with a new proposal.”

With hint to the fact that creditors have not given any bailout money to Greece since August 2014, Tsipras added

“The IMF want to be paid without paying.”

2. The Greek program expires also today at midnight. German Chancellor Angela Merkel said yesterday that the the country’s creditors EU/ECB/IMF program for Greece expires at midnight.

3. Without creditors’ program the European Central Bank will most likely pull the plug of Emergency Liquidity Assistance causing Greek banks to collapse.

There have been a lot of rumors in the last 24 hours claiming that “the banks assets were just 2 billions” – although still last Friday the ECB was considering Greek banks as “solvent”, that is they had estimated some €100 billions in assets.

There was of course a bank and ATM run from Friday to Sunday – before the capital controls were imposed – but data of the last months have showed that Greeks  can/do withdraw maximum one billion per 24 hours. Therefore the rumor can be just a malicious rumor to scaremonger and influence potential NO-voters to put pressure on the government to accept the creditors’ proposals. Or Not. I am not in position to verify the assets of Greek banks…

As I said at the beginning of the post: Lots of rumors, lots of “unnamed sources”, lots of leakages, lots of scenarios, lots of scaremongering…

Close to last minute solution?

Late last night leakages to the press by the government claimed that EC President Jean-Claude Juncker had made a new proposal to Greece. Juncker had allegedly proposed that Greece should:

1. accept creditors’ proposal

2. make one change

3. call an extraordinary Eurogroup

4. Vote YES to Referendum

The government had reportedly responded: “Next Sunday we vote NO.”

To make the long story short, it comes out that there was some telephone contact between Athens and Brussels Monday night, although not clear whether between Junkcer and Tsipras or between the “technical teams.”

Tuesday morning, the cables got fire and Greek media started to spread a new claim: that PM Alexis Tsipras was considering to

1. “bridge the differences between Greece and creditors”

2. “accept creditors’ proposal”

3. “make new proposal by Tuesday afternoon”

Also

1. “some SYRIZA lawmakers put pressure on Tsipras to accept creditors’ proposal.”

2. “Cypriot President Anastasiadis has taken initiative between Athens and Berlin.”

3. “Germany and France take initiatives to solve Greek crisis.”

4. “the IMF will not be included in this new plan.”

5. “Brussels seeks for way to have IMF paid tonight.”

These claims gave wings to hope that there may be indeed a solution before the KA-BOOM.

UPDATE 02:00 pm

After “complete silence” from Brussels and the GR gov’t saying “last minute solution” struggle was “just a rumor”,

The European Commission confirmed that there was a phone conversation between Juncker and Tsipras Monday night targeting a “last minute solution”

46m46 minutes ago

 La commission confirme que Tsipras et Juncker ont parlé hier soir d’un potentiel deal de dernière minute – Le Monde

From what Greek and international media report the negotiations have been indeed restarted and Pm Tsipras has also talked ot ECB’s Draghi and EP’s Schulz.

European Commission to Tsipras:

“The door is open”

According to GR media reports, there may be even a Eurogroup teleconference late at night.

An EU official told REUTERS that the Debt Relief issue can come up in October 2015

UPDATE  02:30 pm

According to some media:

PM Tsipras is due to fly to Brussels tonight and discuss a deal with EU officials.

So far, no confirmation by GR officials.

BREAKING: German Chancellor Merkel says the door stands open for talks with Greece but the programme ends at midnight.

UPDATE 4:40 pm

According to GR Prime Ministry office, Greece sent a proposal to creditors seeking

2-year agreement with European Stability Mechanism (ESM) to fully cover financial needs

and

parallel Debt Restructuring

According to MEGA TV, Greece agreed to accept some of the creditors’ demands but certainly “no pensions and wages cuts.”

“Greece will seek a viable solution within the euro area, until the end.”

“The message of NO next Sunday will be for a bad deal,” the PM’s office said, stressing that Sunday’s “Referendum does not mean the end but the continuation of the negotiations for a better deal for the Greek people.”

Before the negotiations collapse last Friday, the two sides had allegedly agreed on several points.

 UPDATE 05:30 pm

An emergency Eurogroup meeting via teleconference will take place at 7 pm Brussels Time (8 pm BR Time)

Eurogroup Head Jeroen Dijsselbloem tweeted:

“Extraordinary Eurogroup teleconference tonight 19:00 Brussels time to discuss official request of Greek government received this afternoon.”

Will they say Yes or No?Much too many YESs and NOs in our lives recently.

Let’s see what will happen. Latest on Greece’s news on a separate post.

 PS it is certainly a good sign if Anastasiadis is involved. He is experienced in negotiations although not very successfully so far….

Stay Tuned with KeepTalkingGreece  🙂

Check Also

Senators ask Biden to link F-16 sale to Ankara to NATO enlargement

Two US Senators are asking President Joe Biden to link the issue of NATO enlargement …

17 comments

  1. Didn’t Syriza confirm that the last minute talks and considering of a new proposal was a rumour? Just now on twitter.

  2. Thank you very much for your coverage of Greece! I think this website will be a great source for how to understand the circumstances that will have led to what will have happened. ευχαριστώ!

  3. Giaourti Giaourtaki

    Anastasiadis gets only involved because the “Europeans” and their media parrots ignored yesterday two times proposals from Cyprus, it also looks like that again not all member-states were shown all papers last week.

  4. The “crisis” is in full swing and there will be a lot of rumors and counter-information going on.
    It is clear that the “Institutions” and specially the French government are scared and pissing their pants. The EC is in disarray. THe US wants a deal. The german position seems more uncompromising (as always in History, which as lead Europe to the abyss in more than one occasion). But it seems even Shaubble the sociopath in chief is starting to back down.
    As for Tsipras he is no radical and he desperately wants a deal, just not any deal. Right now I think its a big mistake to fall for the “mermaids chant”. Best option is for the Greek people to dig in, stand firm and vote NO. Than yes, maybe, I repeat, maybe an “honorable deal” will be possible.
    This recent fur just shows how desperate the institutions are and that the Greek people and government courage are paying off. This offers are just a way to confuse the Greek people and take time from Tsipras that would be better put to use in containing and improving the situation in Greece itself.
    Tsipras needs to be in Greece now, not in some delusional wild goose chase.

    • The referendum is the instruction of the Greek people to their government. Not to the other governments.

      A NO will be interpreted that the Greek people want to be out of the euro. The referendum will even legitimate that.

      Only some Greeks believe that a NO will give a better position in negotiations. In other parts of Europe nobody thinks so.

      Although there are people that think that Greece will better off out of the euro.

      • Giaourti Giaourtaki

        That’s the same bullshit like 2011 when Merkel, Sarkozy and European media tried to dictate the question and Merkel was like a Nazi-driver in road-rage for weeks not able to see that she has no right to.

      • More disinfo…!

        No one, I repeat no one, can push Greece out of eurozone. ECB has tried since EarIy Feb. to engineer an endgame so that Greece is non functionaI inside the eurozone. Note “inside” the eurozone, not out. The purpose of this is 1% poIiticaI, to get rid of a resistant government and repIace it with the Same OId Corruption parties.

        MeanwhiIe ECB is breaking its mandate by acting poIiticaIIy – it aIso breaks its mandate destabilizing a member state.

  5. Giaourti Giaourtaki

    The 35 billion tale still spins round but in reality Greece lost up to 38 billion between 2007 and 2013 because it was impossible to pay the obliged 15% co-financing for the projects these funds are meant for.
    May be Greece should ask for the offered help in Ankara.