Prototype: Athena, the goddess of wisdom
German Chancellor Angela Merkel (CDU) and French President Francois Hollande explain the hassle of Greek creditors with the Government in Athens appears to finally a top priority. For them, that’s apparently inevitable because the talks the creditor institutions – because in addition to the Commission, the European Central Bank (ECB) and the International Monetary Fund (IMF) are involved – with Athens in the so-called Brussels group are completely deadlocked unchanged. Merkel and Hollande want along with European Commission President Jean-Claude Juncker in the early hours of Tuesday plumb in Berlin, if still a compromise between the euro countries and the Greek Government can be found which would avoid a withdrawal of Greece from the monetary union.
Author:. Werner Mussler, economics correspondent in Brussels 
Author:. Tobias Piller, economics correspondent for Italy and Greece, with headquarters in Rome
The discussions in Berlin will be completed until the night. Merkel and Hollande both had again phoned the night before with Tsipras. As it was in government circles, must now be sought at the highest level for a compromise. Given the ever-increasing time pressure is a quick solution to the conflict with Athens needed if intended to prevent that Greece is insolvent. Merkel and Hollande want to prevent the avowedly, as Juncker. According to reports, the Greek government is likely to be able to repay a maturing this week loan of 300 million to the IMF. After that, the reserves are expected to be but eaten up.
In what could be one mediated by the three EU leaders compromise was open on Monday. However, it seems clear that demanded by Athens unchanged reforms on all the fields that are in dispute in the previous discussions. These include the labor market, public services, retirement and the value added tax system. The reforms in the last two fields must primarily help to ensure that the Greek government generates additional revenue, so the previous fiscal targets are not going completely out of hand. In this respect Tsipras would his former “red lines” in any circumstances exceed. To what extent the EU representatives are ready in these areas in detail to accommodate Athens, was unclear on Monday.
A compromise between Athens and its creditors would be the requirement that the competent bodies of the Euro Group and the IMF freeing up the currently still available loans of 7.2 billion euros in any case. The current utility of euro countries ending end of the month. The Greek Government also calls for a so-called “bridge financing” in the event that it gets over the summer in further financial difficulties. Overall, Athens must pay back from June to August to various creditors 11 billion loans and interest. Did the euro countries make Athens a bridge financing possible, they might decide to reclassification of those 10.9 billion euros, which are provided from the previous program for a recapitalization of the banks earmarked. According to reports, the banks indeed need additional capital, but not in full. With the bridge financing both sides time would be made to negotiate during the summer on the terms of a new, third auxiliary program.
Whether a compromise is reached, is completely open for several reasons. Firstly, Athens would have to significantly move; Tsipras would get approved an agreement in the Greek parliament. Secondly, some national parliaments would, including the Bundestag, approve such a compromise.
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Tsipras itself repeated in a commentary for the French newspaper “Le Monde” his attacks on the European negotiators. It lay not in an allegedly intransigent attitude of Greece, that it is far come yet to agree, but the fact that “institutional players hold on to it to make absurd templates and show complete indifference to the recent democratic decision of Greece,” Tsipras wrote. Juncker said in contrast the “Sueddeutsche Zeitung”, he had said Tsipras has often pointed out that there were in the euro area is not just one, but nineteen democracies. It would also have the “sensitivities of other countries” are taken into account.
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So far for Tsipras not the conditions of the previous aid program significantly, but his own campaign promises. The tentative concessions the government in the Brussels group consist mainly in the fact that Athens does not take back all the reform commitments of its predecessor in the labor market and pension policy, but part of it can exist. Further, unmet contractual obligations of Greece, about to privatization, performance-related pay in the civil service or the liberalization of professions and markets, now under the carpet. It is clear that the original Athenian commitments have long been unrealistic in budgetary policy. The previously agreed primary surplus – ie the budget balance excluding interest payments – of 3 percent of economic output this year can no longer be comply with because of the significantly worsened economic situation
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