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Wednesday, July 8, 2015

Greece Euro Summit Ends Without Agreement – Greek Proposals Due Sunday

After more than three hours of talks, Tuesday’s Euro Summit decided that there will be another European Union summit this upcoming Sunday to discuss the Greek government’s new bailout proposals expected in writing by July 9.

Earlier at the Eurogroup,  the nineteen Eurozone finance ministers met to hear the Greek proposals on how to move forward. Although the proposals were described by Greece’s new Finance Minister Euclid Tsakalotos, they were never offered in writing to the Eurogroup, awaiting Greece’s formal request for an European Stability Mechanism package. A new Eurogroup phone conference will take place when the ESM request has been made.

Immediately prior to the summit there was a meeting among Tsipras, Juncker, Hollande and Merkel.

Greek Prime Minister Alexis Tsipras said that he feels confident that there will be an agreement by the end of the week. The Greek government proposals were approved by a Greek political leaders’ meeting after the July 5 referendum.

“The basic direction is a socially just and financially sustainable solution for Greece and Europe,” said Tsipras.

“This includes credible reforms with social justice as a standard, in exchange for the assurance of sufficient funding for the country’s financing needs in the medium term, a strong investment package to deal with the important problems, especially unemployment and the commencement of a meaningful discussion on the debt” he said.

The Greek Prime Minister said that he is happy to see that “everyone understands this is a European problem, and not only a Greek problem.”

Unlike the Greek Prime Minister who appeared to be more optimistic in his remarks, European leaders expressed their uncertainty about Greece’s future and the achievement of a deal.

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