Europe Tells Greece - You've Got Until Sunday
Eurozone leaders accuse Athens of failing to bring credible plans to a Brussels summit - and set a final deadlineEurozone leaders have offered Greece a final chance to present a credible rescue plan following crisis talks in Brussels.
Athens must submit a loan request and reform plan by Thursday.
The leaders of all 28 EU member states will then attend a "decisive" summit on the crisis on Sunday.
Italian Prime Minister Matteo Renzi said: "I hope and believe a definitive solution for Greece will be possible on Sunday.
"The ball is in Greece's court. Next Sunday the final meeting will take place on Greece."
His comments came after an emergency eurozone leaders meeting ended with little to show.
Belgian Finance Minister Johan Van Overtveldt said."I have the strong impression there were 18 ministers of finance who felt the urgency of the situation and there is one who doesn't feel the urgency of the situation."
But Greek Prime Minister Alexis Tsipras left the summit saying his country was now ready to carry out credible reforms in return for adequate funding.
He said the meetings had a "positive atmosphere" and there was now the prospect of a "final exit" from the crisis.
German Chancellor Angela Merkel said Greece needed a debt programme that would last for "several years".And European Council President Donald Tusk read a joint statement from all the leaders that said "the euro area authorities stand ready to do whatever is necessary to ensure the financial stability of the euro area as a whole".
Greece is perilously close to leaving the currency after some 61% of voters rejected a new bailout deal that demanded further austerity measures.
EU Commission President Jean-Claude Juncker revealed the union had prepared a "detailed" plan for a so-called "Grexit" scenario.
"The Commission is ready for everything," he said. "We have prepared a Grexit scenario in detail... a humanitarian scenario and the scenario of keeping Greece in the eurozone."
Fears are mounting that banks and cash machines in Greece could run dry over the next few days as the country tries to find a solution to its €240bn (£170bn) debt.
But European Central Bank chief Mario Draghi insisted his organisation would help keep Greek banks afloat until Sunday's summit.Athens has backtracked on promises that banks would reopen on Tuesday.
They will now stay shut until at least Thursday, with a €60 (£42) daily limit on ATM withdrawals.
Despite celebrations on the streets after Sunday’s referendum, three-quarters of Greeks say they want to stay in the euro.
Greece’s economy has already shrunk 25% since 2008 and it has been suggested a euro exit could see a further 25% contraction.
One in four people in the country is also unemployed and among under-25s the figure is nearly 52%.
Former prime minister Tony Blair told Sky News a Greek exit would be a "much bigger catastrophe than we think" and "we should do all we can to avoid it".
Post a Comment