Tsipras goes ahead with its referendum again inviting the Greeks to vote “no” and Europe freezes all negotiations.
Until Sunday falls silent creditors, because any attempt to reach an agreement, even beyond the last minute, failed, and now want to see what you really think the Greeks. Even the ECB is put in standby mode: has left unchanged the maximum level for the provision of emergency liquidity assistance (ELA) to Greek banks, which was set at 89 billion.
The Merkel has decided to go and see the way the game you’re playing Tsipras, by convening a consultation risky, that the Prime Minister Matteo Renzi defines a “mistake”, an uncertain outcome and the consequences that no one is able to predict. For that creditors, to this day with his hand extended, now flinch, without closing the door but away from the arena in which these days has seen two worlds collide politicians and two different ways of thinking about Europe.
Saving Greece is not, for now, their problem: “The EU is not able to help anyone against his will,” warns President Donald Tusk. The European Commission President Jean Claude Juncker we believed until the end, trying to mediate between the government and a greek Eurogroup now run out of patience with those who “does not have a realistic plan for the economy,” as said Finnish Minister of Finance Alexander Stubb. Juncker has also tried to collect the latest proposal of Tsipras contained in a letter arrived near the end of the program in which it reiterated the stakes on tax and pensions. The Commission, also in the program has expired, would have assessed and perhaps incorporated in a possible new plan, that is, the third aid package that asks Tsipras. But Brussels can not move without the Eurogroup. To start negotiations on a new rescue plan calls first for the go-ahead, implicitly tied to the green light of the Heads of State and Government.
Despite the opposition of Merkel to negotiate immediately a third plan, Athens probably could snatch at least one aperture or a preliminary green light. In return, however, he would have to concede something: the withdrawal of the referendum or at least a change of line-up, pushing the Greeks to vote for the ‘we’. Europe fears the consultation Greek because he sees the political meaning only because, from a technical standpoint, the question is not even correct because “it is no longer on the table”, as noted Commission Vice-President Valdis Dombrovskis. Therefore a victory for the ‘Noh, would be a real rejection of Europe. Tsipras, however, decided to keep going on his way and in a new address to the nation renewed its call for a negative vote, which “does not mean saying no to Europe but to return to a Europe of values” .
After the speech of the prime minister, the doors of dialogue have been closed, “ Aid to Greece are suspended after Athens has unilaterally abandoned the negotiations, and now you have to wait the outcome of the referendum “, said Merkel. “ The Commission shall have no contact with the Greek government before the referendum ” , Juncker warned. Even the Eurogroup, committed on an almost daily basis in search of a solution, freezes negotiations: “ We have taken note of the latest proposals Greek but given the political situation and given the invitation to vote ‘of Noh greek government in the referendum, we do not see the ground for further discussions “, therefore closed the chairman Jeroen Dijsselbloem, announcing the suspension of all consultations between the institutions.
Meanwhile, Moody’s cut Greece’s rating to ‘Caa3′ from ‘Caa2′. The rating remains under review for further possible downgrade. “Without the support of official creditors, Greece will default on debt” held by individuals, said the rating agency. The announcement of the referendum has further increased the risk for private creditors, says Moody’s. A victory of the ‘Noh referendum “probably would increase the risk of an exit” of Greece “from the euro, which would result in significant losses to the creditors of the private sector.” If Greece wants to continue to maintain the obligations to official creditors and private institutions in the coming years, “he needs to reach a lasting agreement with its official creditors.”
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