Greek Prime Minister Alexis Tsipras leaves the venue at the headquarters of the EU Commission in Brussels .
Negotiations between the Greek Prime Minister Alexis Tsipras and the heads of the creditor institutions on a compromise in the debt dispute have ended without a breakthrough and has been postponed to the morning of the night. Official results were not disclosed. From Greek government sources said, however, the government in Athens remain at your position. According to data from bargaining circles the top level talks are to be continued at 9 clock. Tsipras and creditors want to be again trying to get in good time before the meeting of euro zone finance ministers reached an agreement.
The finance ministers of the euro zone had postponed their talks to solve the debt dispute with Greece earlier on Thursday. They should begin by 13 clock, according to the Finnish Finance Minister Alexander Stubb – just hours before the time appointed for 16 clock-EU Summit of Heads of State and Government. “We have informed the Minister only on progress to date. Unfortunately we still have not reached an agreement, but we are determined to keep going, “said Euro group chief Jeroen Dijsselbloem on Wednesday. “We are committed to working through the night, if necessary.”
That’s it for tonight. #Eurogroup Will continue tomorrow at 13:00
-. Alexander Stubb (alexstubb) June 24, 2015
About 1 clock at night then ended the top-level meeting at the next Tsipras also EU Commission chief Jean-Claude Juncker, the head of the International Monetary Fund (IMF), Christine Lagarde, and the head of the European Central Bank (ECB), Mario Draghi, participated. “We want that Greece remains in the euro zone,” said EU Economic Affairs Commissioner Pierre Moscovici before the meeting. For that were “solid reforms” necessary. “For this we are tonight and work the next day.”
Already on Wednesday afternoon, before the meeting of the Euro Group in Brussels, it was clear that an agreement between the lender with the Greek government will be difficult once again. On Twitter, Prime Minister and Finance Minister Yannis Varoufakis Tsipras complained that the creditor institutions have no interest in an agreement obviously. The reason for the Lamento was obvious: After a thorough examination of the received on Monday Athenians proposals the institutions had discovered some white spots on the Greek reform-map and Athens asked to make adjustments
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© AP Giannis Varoufakis en route to the finance minister meeting
Giannis Varoufakis en route to the finance minister meeting
The IMF was critical as the EU Commission and the ECB, it said in diplomatic circles. But all have stressed that Greece still had to refuel. The Greek proposals had indeed been much better than anything previously on the table. But up close they had not been precise enough. The proposed labor market reforms it had about only welcomed, Athens would be to European models (“best practices”) are based. Concrete proposals about the reform of the collective bargaining law were not included. Less abdominal pain had the creditor with the budgetary targets, which corresponded to your specifications with a view to the targeted primary surplus. In particular, the IMF but criticized the fact that Athens put too much on tax increases and too little on potentially growth-promoting steps such as lowering non-wage labor costs.
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The central question is whether at the end of the contents of a concrete reform agreement (“Staff Level Agreement “) can tap it with Athens. Without this, all considerations on the way forward are pointless, diplomats said. This agreement must also be defined exactly what reform measures (“prior actions”) Athens grasps immediately. This agreement has the government as soon as possible pour into a reform law and then put to the vote in Parliament – even as possible over the weekend
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These are two major stumbling blocks: firstly, the creditor would like to know to ensure that the agreement is legally firm grasp, and at least some of the “prior actions” must be set in motion before loans can be paid. Second, it is uncertain whether Tsipras such a law through parliament would get: parts of his Syriza party will reject it. How much support it would get from the opposition, is open. Without a signed agreement, no national government will ask its parliament to approve a loan approval. The German Bundestag is expected to only advise in any case, if the Greek law is decided. And in Berlin they will stipulate time to study the agreement carefully.
Even if Greece agrees quickly with the lenders is unlikely that the money arrives before June 30 in the country when the government will have to repay a large loan installment to the International Monetary Fund.
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