Little Time? At the end of the text there’s a summary.
as clearly as never said the EU’s decision on Tuesday night: We have a road map for the Grexit – if Greece makes no viable reform proposals again in the next few days, could fall at least landmark decisions on Sunday at a summit with all 28 EU member states.
Accreditation cards issued in Brussels on journalists are usually valid for one day only. This time it is different: By the end of the month you have the card access – the crisis diplomacy continues, but this time just with the view to end. Sunday. And the Greek government now has no room for more games.
So far he had avoided talking about ultimatums tonight but he’ll say it “loud and clear”, said EU Council President Donald Tusk after the three and a half hour meeting of Heads of State and Government of the Euro Zone. From final deadlines in the past few months so often been mentioned that achieve the words in the parties hardly effect. But now the situation in Greece is another: The banks are closed for days, the economy comes to a standstill – the country stands with his back to the wall.
The No of his people in the referendum Greek Prime Minister Alexis Tsipras availed nothing have all emphasized: “Tonight was the bargaining power of Greeks very weak,” said European Commission President Jean-Claude Juncker. The European Commission is ready for anything, even a detailed scenario of a Greek exit from the euro zone was drafted.
Before it but has come, Tsipras gets one more chance. Is awarded and to very strict conditions – a third auxiliary program that runs over several years, probably includes a medium double-digit million amount. The timetable for having the 18 other euro countries listed in detail:
- On Wednesday morning, Greece must make a formal application for a new aid program for the euro bailout fund ESM
. The euro zone finance ministers will discuss also on Wednesday in a conference call whether the application meets the requirements and can be accepted.
- Then the Euro Group forward the application to the institutions European Central Bank (ECB) , International Monetary Fund (IMF) and the EU Commission. The must then immediately create three analyzes: the stability of the euro zone at risk? This is the precondition for a program of the ESM. What is the financial needs of Greece for the duration of the program? And as it is with the debt sustainability?
- By Thursday, the Greek Government has to submit detailed proposals for reform, similar to the documents, was negotiated by the end of June. However, that has, among other things, Chancellor Angela Merkel made clear: The requirements are now significantly higher
- come on Saturday if everything goes smoothly, the euro zone finance ministers on Saturday again together and evaluate. the documents submitted by the Greeks and the assessment of the institutions. In Greece best, they come to a positive result and recommend their leaders to resume negotiations on the third utility.
- On Sunday could then decide on all 28 Member States to bring a long-term program in the way that Greece is committed to structural reforms and helping to new economic growth.
Should actually run everything according to this plan, then the real work begins next Monday. For example, before the federal government can even begin the negotiations, it must be approved by the Bundestag, the – just as later the possible outcome.
The entire euro zone has only one week to prepare this complex treaty – as early as 20 July, the payment is due to the ECB, which can in no case be deferred. Of course, there might be ways and means to raise the money, it is from negotiating circles – but without an agreement on the long-term program, there will be no bridge financing until the program accesses. This vicious circle – without financing any program, without any funding program – to break through the first task of the euro zone.
However, should anything go wrong in the next five days, then the euro fate of Greece is actually sealed. And many of those involved see this as the most likely scenario: “You do not see me very optimistic”, the Chancellor said late Tuesday night and even Francois Hollande, the French President and unshakeable optimist, described the Grexit as “not a solution, but possible consequence” ,
summary At the emergency summit in Brussels on Tuesday night a tight schedule was put together in order to allow Greece to remain in the euro zone yet. On Sunday, the course could be made for a further aid package – if Greece until then submit viable reform plans. Otherwise, the euro zone now says clearly, was to prepare the Grexit.
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