The Greek government has made in the dispute with the international creditors their announcement true and decided a referendum on the austerity measures. On the night of Sunday, the deputies approved the plans of the Greek government to.
The plans are highly controversial. Greek Prime Minister Alexis Tsipras announced surprisingly on the night of Saturday’s referendum on the austerity and reform requirements of international creditors and openly declared that his government would promote a rejection.
The Euro-partner countries Greece responded with incomprehension. On Saturday the euro zone finance ministers in Brussels had announced that it will not extend as planned the expiring on Tuesday loan program and are therefore pay out also not outstanding loans.
Greece threatens the state bankruptcy. On Tuesday not only the current support program for Greece runs out, but it is also a credit rate of the International Monetary Fund in the amount of approximately 1.6 billion euros due. It is assumed that Greece does not have the necessary money.
Even haircut was promised
The troika of European Commission, European Central Bank and International Monetary Fund is negotiating with Greece now for four months over austerity and reform requirements, which should pave the way for the disbursement of new billions in loans.
Lastly, the parties had approached. The Troika made Greece about the offer to grant additional EUR 10.9 billion loans that were originally intended to protect the banks. They lowered the savings targets from clear and demanded that Athens fewer reforms. Even a discussion of a haircut was promised.
been Negotiations were accompanied by high-level diplomatic initiatives. Last week, the euro zone finance ministers met four times in Brussels, the leaders of the euro zone countries met for a special summit on Monday. EU Commission President Jean-Claude Juncker and German Chancellor Angela Merkel (CDU) spoke ongoing telephone contacts with Tsipras.
The government in Athens seemed in truth, however, more demand as only a mitigating the austerity and reform requirements. They reasoned that the democratic will of the people. The Syriza government was nevertheless elected by promising to office in January, radical break with the policies of the Troika.
caused a scandal it was on Saturday afternoon came at a meeting of the Euro Group. First of all, the finance ministers discussed the presence of the Greek finance minister Janis Varoufakis on the matter. After he had left the room, they agreed a statement, according to which they would not extend the credit program.
Greece now facing a financial chaos
Following this, they met with the exclusion of the Greek delegation to another meeting to discuss together with the European Commission, European Central Bank and the International Monetary Fund about the consequences of the decision.
The partners of Greece are concerned about the stability of the euro zone. “We are absolutely clear that we will do everything possible to combat any possible risk of infection,” promised Federal Finance Minister Wolfgang Schäuble (CDU). “We are determined, anything might be necessary to do in order to prevent any disturbance of the financial markets.”
However, the concern for the Greek population large. As it is said, is reflected in the European Union on humanitarian measures to help the country out of its predicament. One aspect could be accessed emergency funds to keep the health system of the country running. Also technical assistance by EU Member States had been considered.
Greece now imminent risk a financial mess. Since the announcement to hold a referendum, people jostling in front of the ATMs in Greece. They want their savings apart from the accounts because they fear bank failures, a return to the drachma or capital controls.
Some bills are already scarce in parts of the country, is reported. By Saturday afternoon, 600 and 700 million euros had been withdrawn between. Normal are on an entire weekend € 30 million.
So far, the ECB helped with emergency loans
On Monday, with the opening of banks, the situation could spiral out of control. “It must be emphasized, is that come in acute difficulties with the decision in the coming days Greece,” warned Finance Minister Wolfgang Schäuble (CDU).
However, the Greek Government so far locks against capital controls. These restrictions on capital movements which deckelt about withdrawals from the accounts, can alone decide Greece. It is now speculated that individual banks will be closed on Monday.
So far supported the European Central Bank, the banking system with ELA-emergency loans. However, with the expiry of the credit supply, ECB President Mario Draghi is unlikely to continue to carry on as before. The CSU SME Union chairman, Hans Michelbach, already called for the immediate stop of the emergency loans. “With the end of further aid is in the case of Greece, the state bankruptcy imminent,” he explained.
With the collapse is now also a possible exit of the country from the euro zone a realistic option. At the meeting Varoufakis had been given to understand that the events of the coming days also about deciding whether the country can still be part of the currency union. Varoufakis should have emphasized the possibility of a member of the euro zone to throw, there were not legally.
Publicly profess that to those responsible, to keep Greece in the euro zone. “Greece is and will remain a member of the euro zone,” said German Finance Minister Wolfgang Schäuble. Diplomats say it was up to the Greeks to decide
Emotional debate in Parliament
The debate over. a referendum had been carried out emotionally. “I will not catch me permission for a referendum by Mr Schäuble,” said Prime Minister Tsipras to concerns about the meaning of the referendum. “The dignity of a people is not a game.”
The decision for the referendum turned out clear. With 179 in favor and 120 votes against the deputies voted for the referendum on the austerity and reform measures originally put forward by the international creditors. The referendum to be held next Sunday.
undisputed it was not. The opposition in Greece threw Tsipras before, to hide behind the people. He would even make a decision and advocate said the former Prime Minister Antonis Samaras. In addition, the referendum does not make sense, because the negotiations with the donors were completed.
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