Eurogroup meeting today decisivoFitch: “Greece Default likely” – TGCOM

00:43 – No agreement between Greece and creditors but it continues to treat. L ‘ Eurogroup overtime, convened in a hurry to discuss the request Tsipras to negotiate a third Save , rejects the proposal but is updated to Wednesday morning. He expects a new draft that Athens it would try to send. Meanwhile, the agency Fitch cut its rating greek: “ Default likely.” IMF confirms: “Athens has not paid”.

Nightmare Grexit, scenarios

Laura Reedy

The extraordinary Eurogroup, hastily convened by teleconference to discuss the request for Tsipras of extra time to negotiate a third rescue, rejects the application, but is updated to Wednesday.

New proposal to Athens? – Athens, in fact, he would try to send a new proposal. The dialogue does not stop, even though there have been harsh tones and mutual distrust among the protagonists of the negotiations. From Wednesday, the Greece will officially without an aid program to support it and back to the IMF , unless you get a delayed payment of the 1.7 billion euro . On July 20, then, Athens will have to repay 3.4 billion to the ECB, with government coffers almost empty.

The last offers of Tsipras – Before that, Tsipras wants to negotiate a third floor, which also includes an agreement to cut debt. But Merkel exclude that such negotiations can take place before the referendum on 5 July. The latest offering that Tsipras sent to creditors, looking for a last-minute agreement that scongiurasse the midnight deadline of the aid plan, was far from ‘ latest proposal of mediation of President Jean Claude Juncker . The premier asked, in fact, a new ESM loan for two years and a restructuring of the debt to the fund EFSF. Two requests that break almost two European taboos. For this, the Eurogroup has dismissed after just an hour of comparison. There were not even the time required for an extension of the current plan, they know the ministers.

The proposed Juncker, however, remained within the confines of the current program, to unlock aid still remained, that is, 1.8 billion of the fund EFSF plus 10.9 of the fund for the recapitalization of Greek banks . Money after Tuesday night “will not be available”, he tells the fund led by Klaus Regling.

With the disappearance of the second aid program, the hope of Tsipras is that the EU immediately to open negotiations on the third package, which may bury forever the hated Memorandum related to previous agreements. Merkel, however, slows down the expectations Greek: “Berlin will not consider the possibility of a third bailout for Greece, as proposed by Athens, before the outcome of the referendum next Sunday “.

The chancellor, who has not ever wanted to do neither concessions on debt or discussions on the third package, still leaves the door open: “Of course, not after midnight will cut threads of dialogue , or we would not be the European Union, “he said at a press conference in Berlin. His finance minister, Wolfgang Schaeuble, also reassures the consequences of a possible victory of the ‘no’ in the referendum: “Would not it be a Grexit ” he said, reiterating the line of defense of the euro zone choice Berlin .

Pressing Use – But the pressure on the negotiations is not to one direction. From the US, for example, Obama asked to continue the talks. It is not just words: Treasury Secretary, Jack Lew has called many European colleagues to convince them to open a chink in Athens. We need a compromise, he repeated to all.

The EU, however, does not seem prepared for the moment to leave the Greece . Even Prime Minister Matteo Renzi has heard the phone Tsipras . If it were an agreement before July 5, they know European sources, Athens could also withdraw the referendum or sides in favor, as requested in exchange Juncker delivering its latest offering. Meanwhile Wednesday ‘s Eurogroup expects a new proposal for Athens, and will discuss the plan of reforms in support of the third package he asks. The plan is now being examined by the Commission.

Greece downgraded – Fitch downgraded Greece to “CCC” to “CC”. This was stated by the same rating agency in a statement, noting that a default on the debt in the hands of private creditors at this point is likely. “The breakdown of negotiations between the government greek and its creditors has significantly increased the risk that Greece may not be able to honor its obligations in the coming months, including bonds in the hands of private creditors”, said Fitch, providing a contraction Greece’s economy by 1.5% this year.

IMF: “Athens did not pay” – The payment of Greece, as anticipated by the government of Athens, due not arrived. The official confirmation comes from the IMF, which emphasized that Athens will now receive new loans until they have paid the arrears.

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Greece

Alexis Tsipras

ROME. Squinzi reopens Marchionne, if Fca wants is welcome – Newspaper The Voice

HEAD THE VOICE OF CANAVESE Reg. Tribunal of Torino n. 57 of 22/05/2007. Director: Liborio The Morning. Properties VOICE SRL P.IVA 09594480015. Editorial: via Torino, 47-10034 – Chivasso (To). Texts and photos published here are the property of The Voice of the Canavese all rights are reserved. The use of texts and pictures on line is, without written permission, forbidden (Law 633/1941).

Greece: Athens asks rescue, negotiation to the bitter end – ANSA.it

BRUSSELS – Greece and creditors continue to deal with, even beyond the last minute available. The extraordinary Eurogroup, hastily convened by teleconference to discuss the request for Tsipras of extra time to negotiate a third rescue, rejects the application, but is updated to today. Waiting for a new proposal that Athens undertook to send. The thread of the dialogue becomes more subtle but does not stop, despite the harsh tones and mutual distrust among the protagonists of the negotiations. And now for Athens opens a new page will be officially without an aid program to support it and ‘in arrears’ to the IMF, unless they get a delayed payment of the 1.7 billion euro that was yesterday.

A country started to default on July 20, when it will have to repay 3.4 billion to the ECB, with the government’s coffers almost empty. Before that, Tsipras wants to negotiate a third floor, which also includes an agreement to cut debt. But Merkel exclude that such negotiations can take place before the referendum on 5 July. The latest offering that Tsipras yesterday sent to creditors, looking for a last-minute agreement that scongiurasse the midnight deadline of the aid plan, was far from the last offer of mediation of President Jean Claude Juncker. The premier called for a new ESM loan for two years and a restructuring of the debt to the fund EFSF. Two requests that break almost two European taboos. And for that the Eurogroup has dismissed after just an hour of comparison. There were not even the time required for an extension of the current plan, they know the ministers.

The proposed Juncker, however, remained within the confines of the current program, to unlock aid still remained , ie 1.8 billion fund EFSF plus 10.9 of the fund for the recapitalization of Greek banks. Money from the Crypt “no longer available”, tells the fund led by Klaus Regling, who “regrets” the program expires. But, with the disappearance of the second aid program, the hope of Tsipras is that the EU open to negotiations immediately on the third package, which may bury forever the hated Memorandum related to previous agreements. Merkel, however, slows down the expectations Greek: “Berlin will not consider the possibility of a third bailout for Greece, as proposed by Athens, before the outcome of the referendum next Sunday.”

The chancellor, who until now has never wanted to do neither concessions nor the debt discussions on the third package, still leaves the door open: “Of course, not after midnight will cut threads of dialogue, or we would not be the European Union,” he said at a press conference in Berlin. And her finance minister, Wolfgang Schaeuble, also reassures the consequences of a possible victory of the ‘no’ in the referendum: “Would not it be a Grexit,” he said, reiterating the line of defense of the euro area chosen by Berlin. But the pressure on the negotiation is not in one direction. From the US, for example, Obama asked to continue the talks. It is not just words: Treasury Secretary, Jack Lew attaches to the phone and called many ” colleagues ” to convince Europeans to open a chink in Athens. We need a compromise, he repeated to all. The EU, however, does not seem prepared for the moment to abandon Greece.

“In these hours has run reopened the dialogue,” he said this morning the president of the S & amp; d at the European Parliament Gianni Pittella. And Prime Minister Matteo Renzi has heard the phone Tsipras. If it were an agreement before July 5, they know European sources, Athens could also withdraw the referendum or take sides in favor, as requested yesterday in exchange Juncker delivering its latest offering. Meanwhile, today the Eurogroup expects a new proposal for Athens, and will discuss the plan of reforms that have made the ministers yesterday, in support of the third package asks. The plan is now being examined by the Commission, which will give its opinion.

Tsipras calls for new aid. The Eurogroup replica tomorrow – AGI – Agenzia Journalistic Italy

Economy

21:16 June 30, 2015

(AGI) – Rome, June 30 – Tonight at midnight if, as seems inevitable, Athens will not pay ‘to the IMF installment of € 1.6 billion of maturing loans, Greece will enter’ in technical default, that ‘in what many consider to be the prelude of’ Grexit ‘. So today and ‘taken a series of last minute negotiations between Brussels and Athens, culminating with the request of the greek prime minister, Alexis Tsipras of a third tranche of aid, which the Eurogroup has responded by returning to his response tomorrow and stating that ‘and’ too late to extend the program of aid to Greece. “
Earlier Chancellor Angela Merkel had already ‘dictated the line saying that” Berlin will not take’ into account the possibility of a third bailout for Greece as proposed by Athens, before the outcome of the referendum next Sunday. ” The last minute deal was initiated by the President of the EU Commission, Jean Claude Juncker who told Tsipras is ready to convene a Eurogroup emergency to allocate new aid to Greece, provided that the prime minister agrees to campaign for you ‘in the referendum. Juncker and also ‘pledged to reschedule the debt greek if the referendum will win it’. The answer of Athens and ‘long in coming and in the afternoon Tsipras, who also heard the phone Matteso Renzi, has made the request for a two-year aid program ESM, the permanent mechanism European salvastati, and debt restructuring. The President of the Eurogroup Jeroen Dijsselbloem convened by teleconference the European finance ministers to discuss the new proposal of Athens, but it ‘was preceded by the cold shower of Merkel, who has ruled out further developments for today, adding that Berlin will not discuss new aid before the vote greek. Even the IMF has made it clear that in “no way” the Eurogroup potra ‘release funds for Greece that will enable Athens to avoid technical default.
In the evening and’ then came the news of the postponement of the meeting of tomorrow ‘Eurogroup, topped by the precision that “it’ s too late to an extension of the rescue program of Greece”, which expires tonight at midnight. So Greece will not be ‘saved in extremis, the default, or at least postponement of the IMF will be’ inevitable. And the referendum will take place ‘with the fear of a possible impending Grexit. Meanwhile and ‘also he addressed the US president, Barack Obama, who has encouraged both parties to “continue to negotiate to find a solution” and to smooth the risks on financial markets. According to Obama the crisis “will determine not ‘strong shock in the US system,” and “would have to have significant effects on growth rates in Europe.” And, “if Europe is not growing, this could have harmful effects on the global economy.” (AGI).

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Greece, Eurogroup extraordinary Merkel, “before the vote in Athens” – AGI – Agenzia Journalistic Italy

Economics

17:28 June 30, 2015

(AGI) – Rome, June 30 – Hours febrile in Brussels, waiting to find an agreement for Greece. The European Commission has made a last-gasp attempt to return to the negotiating table the greek prime minister, Alexis Tsipras, who has relaunched with a counterproposal consisting of a two-year aid program ESM (European salvastati the permanent mechanism) and in a debt restructuring. Merkel, however, ‘ice cream expectations of an approaching solution, by leaking that in his opinion “there will be developments on Greece today”. The Eurogroup will meet ‘in extraordinary session tonight at 19 to discuss the new initiative of Athens. This morning, from Brussels had arrived an ‘assist’ for the government greek: the EU had asked the government greek campaigned for the ‘yes’ in the referendum and in return for agreeing to discuss the issue of debt reduction and proposing scheme proposed agreement last Saturday by the institutions. According to EU sources, the EU Commission President, Jean-Claude Juncker, said Tsipras to be willing to convene an emergency Eurogroup today that immediately allocate new aid if the Greek premier had sent a written acceptance of the terms proposed by creditors to the launch of a new program. Juncker was also promised a rescheduling of the debt of Athens if the referendum will win it ‘. Tsipras would assess the proposal and presented then another, after talking to telephone Juncker and Draghi. Contacts are continuing the authorities’ Greek with both Brussels and the ECB. The outcome of the referendum in Greece do not seem to worry the Italian government. “Italy ‘already’ out of the line of fire,” he explained in ‘Sole24ore’ premier Renzi that has’ heard on the phone a few minutes ago with Tsipras. “My concern is not ‘what’ that could happen to Italy, but for the global scenarios of difficulty ‘that could open,” said Renzi.
“Maximum respect for the decisions of the people and government greek “and ‘expressed by the Minister of Economy, Pier Carlo Padoan, who defended the conduct of the executive Italian accused by some of being absent in the debate about Greece. The government, he said, and ‘always been “committed in order to obtain results and visibility’ ‘. (AGI).

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Greece, offered in extremis Juncker Tsipras send her … – TGCOM

15:23 – The president of the EU Commission Jean-Claude Juncker has made a late deal to Athens to get to a agreement by midnight, when it will expire on aid plan. The Greek premier Alexis Tsipras raised by sending a letter explaining his counter . For the president of the S & amp; d at the European Parliament Gianni Pittella “it opened a window”. But Varoufakis is clear: “ Today the IMF will not pay .”

Greek crisis, Athens took to the streets

Isabella Josca

For Merkel “too late” – “Tonight at midnight expires the program, I know no other concrete signs”. Angela Merkel told a press conference in Berlin. “There’s still room to treat – he explained – but I do not see solutions. Of course, not after midnight will cut threads of dialogue, or we would not be the European Union. The door remains open”.

Berlin: “No risk of contagion to Italy” – Still, German government sources assure: “We do not see a risk contagion on Italy”, about a possible Greek exit from the euro. Rome “has made several reforms, has a serious government.” And they add: “It ‘s too late for an extension of the program”, pointing out that at this point “would not be feasible” from a procedural point of view in the few hours of available time.

Pittella still he hopes: “It is reopened dialogue” – “Juncker drew up a proposal on pensions and ameliorative work that has not been rejected by Athens – said the MEP after Renzi assured that Italy is safe from any default risk – the are looking at, and we hope for a yes in the coming hours. ”

E Tsipras reconsiders the offer EU – After the proposed Juncker, Tsipras had at first refused and said he would nonetheless voted No to the referendum Sunday. He later reconsidered its position, as reported yet Kathimerini, in connection with the offer of the President of the Commission. So, while confirming that Greece will not refund the IMF loan , get another chance at the last minute. According to sources cited by the newspaper, if Tsipras accept the offer, you should do so in writing by the day, in time to convene an emergency Eurogroup to approve the agreement, and should be committed to campaign for the Yes vote in the referendum. On the phone with Tsipras, Juncker told him that this is a last-minute attempt that “it is up to the Greeks to accept”.

EU Spokesman: “At work until the last – The Commission spokesman Margaritis Schinas says that “the EU will not abandon the people greek and the door remains open, but time is running out”. It stresses that the government “will work for a solution to the last minute.” He added that the Commission “is ready to lead” the process for an investment plan of 35 billion.

‘ offer Juncker would notably include the’ VAT at 13 % for hotels and tourist facilities – The ceiling provided in the Greek proposal and rejected by former troika, calling for 23%. Again, if the offer was accepted, the newspaper reports, the Eurozone finance ministers They may make a statement for which a commitment already made in 2012, which took into account a delay in the payment of debt maturities, drop of interest rates and extension a moratorium on payments towards the euro zone would be applied from next October. A spokesman greek explained that the proposal was heard “with interest”. The decision of the prime minister on the referendum vote on Sunday, however, would not change.

Today the expiration of the debt payments – After Black Monday of European stocks Today Athens would have to repay the loans received from the International Monetary Fund with 1.7 billion euro after that, on June 4, Greece had informed the Fund of the intention to merge the four payments. At midnight it expires also the aid program EU-ECB-IMF, and from July 1 Greece no longer has a financial umbrella to protect her.

Padoan: “Referendum? Maximum respect” – The referendum proposed by the Greek government also intervenes Economy Minister Pier Carlo Padoan, saying: “Maximum respect for the decision of the people and government greek, expect it. ” He added: “Italy will work because the Eurogroup has a positive relationship with the government greek whatever it is.” And the assumption of a derby euro-drachma? “It seems to me a good definition.”

“A stronger euro” – “Whatever the outcome” of the Greek crisis, resumes, “it is essential to accelerate the integration of ‘ monetary union, which is the best response to the situation we are living especially in the long run, to put it away from major shock. ” The Minister points out that “the first measures to be taken are to complete banking union, without which the common currency can not go well.”

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TAG:

Grexit

Jean Claude Juncker

Athens

Alexis Tsipras

Tsipras considers latest offer creditors, writes daily greek – Reuters Italy

       

ATHENS (Reuters) – Prime Minister greek Alexis Tsipras is considering a last minute proposal from the European Commission, according to a report in the daily Kathimerini greek, just hours before the deadline Program bailout of the country.

       

“The prime minister’s office announced in Brussels that it is considering a new proposal yesterday the president of the EU Commission” that includes a load reduction of debt in October and new concessions in terms of additions to lower income groups, reports the newspaper, without specifying sources.

       

On the site www.reuters.it other news Reuters in Italian. The top news also on www.twitter.com/reuters_italia

       
          © Thomson Reuters 2015 All rights assigns Reuters.

Tsipras: “No more threats and blackmail. If yes wins could resign “- The Messenger

Greece into default: Today is the deadline for the repayment of 1.7 billion to the IMF that Athens intends to break even at midnight ending the aid program of the troika. The ECB, for the first time, does not exclude the exit of Greece from the euro, assumptions against which the finance minister greek Yanis Varoufakis threat recourse to EU Court of Justice.

Bags cautious today after the collapse of yesterday ( Milan closed down 5%). A decrease in start-up, the Milan Stock swings on the values ​​of the closing on Monday.

The spread between BTP and Bund, after the jump yesterday, today is stable at just above 161 points, slightly above 159 yesterday’s closing. The Italian ten-year bond yield is at 2.38%. Banks closed in Greece until July 7.

“The large crowd gathered in Syntagma gives us strength. With calm and composure will face threats and blackmail, “said Premier greek Alexis Tsipras during a live interview on the public television ERT in which did not rule out the departure in case of victory of yes in the referendum on Sunday on the proposal of the creditors. “I’m not a man for all seasons,” the premier said, when journalists asked him what he will do if they win Sunday’s yes.

If the no wins, “perhaps we should say goodbye to the euro “then said the prime minister. “The Greek people can survive without the aid program,” he still said the leader of Syriza.

“I do not think that lenders will want to chase the Euro. The costs would be enormous, “stressed the Prime Minister again, arguing instead that” they want to throw out a government that has the popular support: theirs is a political choice. “

” People have the right to choose their future, “insisted Tsipras. “The people will hear his opinion on the notes issues: their voice will be heard.” “The stronger the front of No, the stronger the chance of a better negotiated after the referendum,” he added.

The France wants Greece to remain in the euro zone. That is what the French Finance Minister Michel Sapin in an interview with Europe 1 radio that the referendum called by the government Tsipras’ debate should be clear: so will have consequences, the other will not do. ” Sapin reiterated that the Greek situation will not however impact on French banks and that prices at auctions of government bonds fell this week in Paris.

“If the euro fails, Europe fails” He said yesterday tedsco Chancellor, Angela Merkel. “Europe must be able to find a compromise in the face of every challenge,” he added.

“The point is: the greek referendum will not be a derby between the European Commission and Tsipras, but a derby euro against the drachma. This is the choice, “he wrote yesterday on Twitter in English Prime Minister Matteo Renzi.

The exhibition of Italy to Greece is” 35900000000 “, meanwhile precise Minister Economy Pier Carlo Padoan. On Twitter the minister writes that “circulating wrong data on direct exposure Italy vs Greece in bilateral loans and guarantees (updated calculations ESM) is 35.9
 billion. “

The pressure to reopen talks between creditors and Greece meanwhile is getting stronger. Yesterday the French and American presidents, Francois Hollande and Barack Obama have “agreed to unite their efforts to facilitate a resumption of talks” on the Greek crisis, after a telephone conversation. It is what has been learned entourage of the head of the French state. “They agreed to join efforts to promote a resumption of the discussions, allow as quickly as possible a resolution of the crisis and ensure the financial stability of Greece,” said the same source Elysee. Yesterday Obama spoke on the phone with Merkel.

Even China has “interest” that Greece remains in the Eurozone. He said the Chinese premier Li Kequiang during his visit to Brussels. “We ask – he added – to international creditors to reach an agreement with Athens.”

The conference of leaders of the European requests the President of the EU Commission Jean Claude Juncker in the coming hours to hold an extraordinary Eurosummit on Greece .

“I am saddened by the spectacle that is given in the EU, the good will has evaporated, selfishness and tactical games or populists prevailed after all the efforts made, I feel betrayed because you do not take in consideration personal efforts and others, “said Juncker, that the Greeks asked to vote yes in the referendum on Sunday on offering creditors:” Voting no would mean that Greece says no to Europe “, a vote against would be ‘ disastrous. ”