Sunday, July 12, 2015

EU ultimatum to avoid Grexit – TGCOM

– Ultimatum EU to avoid Grexit. L ‘ Eurozone does not want to release Athens from the single currency, but it gives an ultimatum. The Germany and other countries do not want to help Greece at all costs, but the price will be very high: the return of Troika , the reintroduction collective redundancies, the abolition of collective bargaining. The premier Tsipras will have to be approved by Parliament by Wednesday the first set of reforms, including taxes and pensions.



 Aut aut EU to avoid Grexit

“humiliating and disastrous” is the Greek Government that the proposals presented in Brussels, although during the night EU sources report that at least the reference to the temporary suspension of Greece from the area EUR disappeared from the draft.

Just a week ago were Tsipras and its citizens who voted “No” to dictate terms, but now is Germany’s Merkel and Schauble. Do not want to help Athens at all costs, all costs will be paid by the government Syriza, if it really wants to remain in the family of the single currency. The price that the offer is very high: the return of the Troika, which occur every step of the government, the reintroduction of collective redundancies, the abolition of collective bargaining, the creation of a fund of 50 billion asset Greek to guarantee the debt, to be established in Luxembourg.

“The Greeks will never succumb to another state part of their heritage. And then what, maybe the coasts?”, Is unleashed a Greek source. “Now it is clear: we want to crush. Enough is enough,” he would complain before the first “diktat” the defense minister and leader of the party Independent Greeks, Panos Kammenos .

Tsipras , which announced it would remain at the negotiating table “ to protect the dignity of my country “, he will not even have time to go home and explain why a plan much harder than the last offer, given that, under the proposal, must be approved by Parliament by Wednesday the first set of reforms, including taxes and pensions.

The plan “take it or leave it” , putting the noose around the neck of Athens leaving to her the choice to tighten it or not, writes the Eurogroup pasting requests all ministers, having failed to reach a shared document. The result is a text that looks like a way to throw out Greece without taking responsibility, forcing her to refuse the poisoned dumpling.

And ‘why the leaders try to negotiate, first together, then divided in bilateral, I decided to go on all night. Some help the Greek premier to come out of the dead end street where the Falcons have hunted. The European Central Bank President Mario Draghi is one of those. Because he does not want the leader leave the match in hand Tuesday, Greek banks and the ECB should reopen by then should have reopened the liquidity Ela, otherwise the system will collapse and the Greeks will point the finger at Frankfurt again.

The Merkel “is the most intransigent” , they know Greek sources. “The situation is very complicated, we are trying to reach an agreement,” he said the premier Matteo Renzi entering the summit. And France announces that it will do everything to reach an agreement. But France and Italy, for now, remain isolated voices, while Germany has many followers: all three Baltic countries, the Netherlands, Slovakia, Malta, Austria, Portugal and Finland.

So much so that one of the few to consider “good progress” conditions halter Document Eurogroup is Minister Alexander Stubb, the most extreme hawks also requires’, as his government, blackmailed by a part of the coalition, is likely to fall if you will face the Greeks. That is why the document written by the Eurogroup and then passed to the leaders is also for the consumption of those governments that have to stay firm in your own home. And then come back all the flagships of austerity: the Troika that back to “commissariare” immediate abolition of the Greek Government – that is, by Wednesday – the baby pensions from the reintroduction of collective redundancies abolition of collective bargaining.

Even reforms that Tsipras has already made will be saved: must find measures to hedge or be abolished. By Wednesday will already demonstrate that you understand: it must be approved by the Parliament of VAT reform, pensions, the adoption of the Code of Civil Procedure, the creation of the “Fiscal Council” provided by the Fiscal Compact to control budgets and the Directive for the “resolution” of the banks, which puts an end to government bailouts.

Immediately after a new Euro Group should meet to judge, and if given the green light to the third bailout of 80 billion to 86 billion euro , of which 10-25 will go immediately to the banks asphyxiated, some of which are expected to have to make “orderly bankruptcy”. It also provides for an intervention on the debt, but without specifying the scope.

In the night of negotiations, meanwhile, it makes its way a hypothesis. The Eurosummit fact, according to EU sources, is considering a bridge loan through bilateral aid and utilization of budget EFSF , the first bailout fund, pending the definition and the launch of the three-year aid program ESM. Athens may well honor its debts in the coming weeks (the installments due in July, for a total of seven billion euro) and avoid default.

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Grexit
Alexis Tsipras
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