There are hectic hours in Brussels: Again, the European Quarter is blocked, heavily armed soldiers patrolling. Helicopters dominate the sky. Again a crisis summit in Greece-Drama: For 16 clock sitting the 19 leaders together on this gray, rainy Sunday. It’s all about one question: What to do Athens so that additional auxiliary billion flowing to the bankrupt country
The day had begun with a bang. Around 8:30 clock tweeted EU Council President Donald Tusk: “I have now canceled the European Council (of 28 leaders) The Euro Summit (the 19 Euro-government) starts by 16 clock and will last until we talk about the talks. Greece have ended. “
New to-do list for Tsipras
All plans are therefore on the thrown pile: A summit is canceled because another summit may drag on until late into the night. Actually, both meetings should take place shortly after the other. The news does not bode well. The time has apparently not yet ready for final decisions that will ultimately affect all EU governments.
There are now but a five-page to-do list, enumerating what further reforms have mainly supply in the labor market and the tax system nor the Greeks. The reform proposals of the government of Prime Minister Alexis Tsipras is not enough by far, it was in negotiation circles.
According to the new Brussels Giftliste over which is to vote on Wednesday, the parliament in Athens, the finance ministers of Athens also call for guarantees and a specific timetable, as implemented the promise should be. In addition to loopholes in the plans of the government in Athens, for example, in early retirement, are closed. The international lenders believe Tsipras and Syriza no longer on the road. . “The trust is just gone,” said one negotiators
But the time for a decision is pressing: In the current month Athens needed seven billion euros – money, not the Greeks. The government may therefore it can not afford to go without any result back home. The “world” explains what still can happen and which scenarios are most likely.
Hängepartie
It is quite possible that night is almost even brought nothing decisive to paper today. given the enormous time pressure, however this is not the most likely scenario. In this case, either the creditors among themselves on the way forward, or the ideas between Tsipras and the lenders would go miles apart. In this case there would be a few days Bedenkpause for all.
bridge financing
The present than in Brussels most likely solution is a trade bridge financing. A high representative of a euro area country said the “world”: “It is today may be no mandate for negotiations on a third aid package The solution will be to find something so that Greece will come in the coming months to make ends meet.. “
Also Valdis Dombrovskis, Vice President of the EU Commission for currency questions, doubts that on Sunday the starting signal will drop for negotiations on a third aid package. What does that mean? The international lenders are expected Greece now quickly approve new billions in aid that will help to pay current liabilities and to keep the banking system up and running. Austrian Chancellor Werner Faymann had already brought the possibility of a “small bridge loan” Earlier this week, the game also Bundesbank chief Jens Weidmann said that this was an option.
Money for quick help is there, for example, would be in the framework of the so-called Securities Markets Programme (SMP) 1.9 billion euros of profits prepared by the European Central Bank (ECB) with Greek papers has made. In addition, the ECB could increase its emergency loans to Greek banks over the previous € 90 billion addition, under certain conditions
The plan of the lender is apparently:. Tsipras is in the coming days guarantee that the considerable additional claims of creditors are in fact implemented in view of the Greek reform plans. In addition, should therefore be started already concretely implement the first planned reforms from Athens. Only then can the negotiations on a new third aid package of 74 billion euros and three years can start Runtime.
Fast Deal
The chances of a rapid agreement between Brussels and Athens are not good. For the international lenders should have been satisfied with the new reform plans from Athens. They are not, however. The finance minister complained that Athens had largely adopted the requirements of the international institutions. These were but only for a four-month extension of the second auxiliary Pact to November. But now it is about a three-year new tool.
If Tsipras supplied sufficiently so that Sunday would be the impetus for negotiations on a third aid package been. That called for especially French President Francois Hollande. Merkel commented cautiously: “We will verify the evening: given that we start negotiations, the prerequisites?”
The talks on a multibillion dollar program from the euro bailout fund ESM it is indeed enter in any case, but they will also be delayed. Meanwhile, it should come to a bridge financing to prevent chaos breaks out.
Temporary Grexit
this possibility Federal Finance Minister Wolfgang Schäuble (CDU) brought into play. The idea of a multi-year Greek exit from the euro zone circulating for some time in the EU institutions. And the “Grexit on time” is far more than a tactical gimmick – it is legally possible
The basis for this would Article 352 of the EU Treaty. It says literally: ‘If action by the Union under the conditions laid down in the Treaties policies needed to attain one of the objectives of the Treaties, and the Treaties the necessary powers not provided, the Council shall, acting unanimously on a proposal from the Commission and after obtaining the assent of the European Parliament take the appropriate measures. “
The new Greek currency would be closely linked in this case to the euro, as well as the already Danish krone. The precondition is that Greece submits an application. The temporary Grexit stand in the negotiations on Sunday while in the room, but did not play a major role. However, the option is expected to be revived, if successful, no agreement in the coming days.
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