Greece, now it is up to European leaders – Il Sole 24 Ore

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This article was published June 19, 2015 at 6:37.
The last change is the 19 June 2015 at 08:55.

The Governing Council of the ECB will hold an emergency meeting today to discuss a possible increase in funding for Greek banks. This is what the European sources said. The meeting, via teleconference, is planned around noon. The ECB has already raised the amount of funds Wednesday Ela (Emergency liquidity assistance) 83000000000 to 84.1000000000 euro.

LUXEMBOURG – It ended with a dramatic stalemate l ‘ yet another Eurogroup meeting devoted to Greece, close to the financial meltdown. The failure prompted the European Council President Donald Tusk organize Monday an extraordinary summit of euro zone leaders. The moment is very delicate, especially as the International Monetary Fund has warned the government that the greek June 30 deadline within which to repay a loan the IMF is peremptory.

“It ‘s time to urgently discuss the situation of Greece at the highest political level,” Tusk said in a statement. A few minutes before the president of the Eurogroup Jeroen Dijsselbloem announced that the finance ministers of the euro area, meeting here in Luxembourg, had not come to any agreement sull’esborso of new aid to Athens: “I regret to say that not enough progress has been made in the negotiations with Greece “, focusing on new loans in exchange for new reforms.

The time for an agreement is now very short. The Dutch politician pointed out that the current greek program expires on June 30, a date too close now to imagine the disbursement of new aid since the signing of any agreement. Given the fact that from July 1 “reserved funds to Greece (…) are no longer available,” Dijsselbloem explained that “it is still possible to find an agreement to extend the current memorandum to expire later this month, but the time it really counted. “

To complicate the Greek position is also the attitude of the IMF. The Fund’s managing director Christine Lagarde has chilled Greek hopes of a possible postponement of the repayment of 1.6 billion euro maturing later this month: In the absence of reimbursement, “the country will be bankrupt. Since July 1, he will accumulate arrears to the Fund. ” Speaking to the press, Ms. Lagarde added: “There is no grace period or a postponement (of payment, ed) two months, as I read here and there.”

The comparison between the parties is dramatic. Athens rejects the proposals for reform presented by creditors, such as unlock new aid for 7.2 billion euro. The risk of a Greek exit from the euro zone is palpable. According to Reuters, during the Eurogroup central banker Benoit Coeuré would have said that Greek banks, cash-strapped, may not open Monday. Economy Minister Pier Carlo Padoan has however reiterated that Italy is “solid”, that there is no risk of infection as in the past.

A Eurogroup concluded, Finance Minister greek Yanis Varoufakis has dashed once again a plan based on greek reforms, investments, and the country’s participation in the plan of quantitative easing by the European Central Bank . The economist explained to the press have suggested to the partners a package of reforms, rather than spending cuts, illustrating a brake mechanism of debt (it was not clear if other than the one already existing in the fiscal compact).

In response, representatives of the creditors have used tones impatient and intolerant. Usually accommodating, Commissioner for Economic Affairs Pierre Moscovici stressed that negotiations are necessary for “people in good faith”, strongly rejecting the idea that the proposals presented by the creditors are absurd or criminal, as he said the establishment greek. Ms. Lagarde has urged Athens to restore dialogue between the parties to “adults”.

The summit Monday should be preceded by a meeting of the Euro in the new day. By far, the Prime Minister Alexis Tsipras called for a summit among the leaders in search of a political agreement at the highest levels in order to wrest new concessions. So far the leaders had refused, postponing negotiations the IMF, the Commission and the European Central Bank. From Berlin, without committing, Chancellor Angela Merkel pointed out: “When there is a will, there is the possibility of an agreement.”

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