Eurogroup Gives Greece 10 Day Ultimatum: Apply For Bailout Or Grexit - page 15
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Greece Offers ‘Definitive’ Plan to EU Leaders, Tsipras Says
Greek Prime Minister Alexis Tsipras has made an offer to European Union leaders he described as a “definitive” solution ahead of Monday’s emergency summit.
Tsipras briefed German Chancellor Angela Merkel, French President Francois Hollande, EU Commission President Jean-Claude Juncker on the new proposal in phone calls, according to an e-mailed statement from the prime minister’s office. Details of the offer were not immediately available.
The proposal was for “for a mutually beneficial agreement, which will give a definitive solution, and not defer the problem,” the statement said. Following an ongoing cabinet meeting today in Athens, Tsipras will fly to Brussels for talks with EU leaders.
UK press: Greece’s creditors, 6 mth bailout extension, up to €18bn in rescue funds?
From the UK Guardian:Schaeuble says they haven't received any substantial proposals from Greece
Status is the same as last Thursday says Schaeuble
It looks like it will happen what Germany wants. Oh well. Nothing new
Greek offer to creditors stirs angry backlash at home
Greek lawmakers reacted angrily on Tuesday to concessions Athens offered in debt talks and parliament's deputy speaker warned the proposals might be rejected, puncturing optimism that a deal to pull Greece back from the abyss might be sealed quickly.
Euro zone leaders welcomed new budget proposals from Athens on Monday as a basis for further negotiations to unlock billions of euros in frozen aid and avert a default next week that could lead to a Greek exit from the single currency area.
Stock markets also cheered, with European shares extending the previous session's sharp rally and climbing to a three-week high on hopes of a deal. But the euro fell on fears the plan would struggle to win approval in the Greek parliament.
Prime Minister Alexis Tsipras, who was voted into office in January on a pledge to roll back years of austerity in a country battered by recession, must keep his leftist Syriza party as well as his creditors onside for a deal to stick.
Outspoken Syriza lawmakers voiced outrage at Tsipras's offer to raise a range of taxes as well as pension and healthcare contributions, which threaten to further increase hardship on Greeks reeling from previous rounds of austerity. One lawmaker said the deal was tantamount to a "tombstone" for Greece.
"I believe that this program as we see it ... is difficult to pass by us," deputy parliament speaker and Syriza lawmaker Alexis Mitropoulos told Greek Mega TV.
"The prime minister first has to inform our people on why we failed in the negotiation and ended up with this result," he said. "I believe (the measures) are not in line with the principles of the left. This social carnage ... they cannot accept it."
Officials of the three institutions representing Athens' creditors - the European Commission, the European Central Bank and the International Monetary Fund - were analyzing the Greek proposals intensively in Brussels to see whether the numbers add up to make Greek public finances sustainable.
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Deutsche Bank expects negative Greece headlines in coming days. Here's why.
Deutsche Bank are concerned about the harshness of the proposed measures for GreeceIt expects that SYRIZA party members to strongly voice concerns in coming days, which means a slew of negative headlines
DB says the new proposals could chop 3% off GDP, they are "incredibly harsh"
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Tsipras has until 9am gmt (11am Brussels time) to come up with a plan
FT's Peter Spiegel reports that creditors have given a firm deadlineWell, we know how they've worked out previously
If Tsipras does not present a workable compromise plan then the proposals put forward by creditors will be presented to EU leaders and Athens will be given a "take it or leave it" choice
We've got a deadline folks from unnamed senior Eurozone officials, but there's been no official confirmation yet
Update: Bit of confusion on what timezone it's 9am gmt, 11 am Brussels, so about 5 minutes
Reuters are now reporting the same news and add that if the deadline passes the creditors plans will go to EU leaders at 13.00 CET which is 14.00 Brussels and 12.00 gmt
Dueling Greece Plans Presented as Ministers Race for Aid Deal
Euro-area finance ministers were faced with competing proposals aimed at resolving the standoff with Greece after talks between Prime Minister Alexis Tsipras and his country’s creditors failed to produce a compromise position.
Greece’s three creditor institutions unanimously agreed on a set of documents that were sent to finance chiefs to review as the basis for a deal, even though Greece didn’t accept them, according to European Union official. Greece submitted its own proposals, a Greek government official said.
“If this paper isn’t acceptable to finance ministers then we will have to think about preparing alternatives,” Austrian Finance Minister Hans Joerg Schelling told reporters in Brussels on Thursday. “As always I’m confident that there will be a deal, but it’s becoming more and more difficult with the passing of each minute.”
source
Eurogroup meeting is over for now - Dijsselbleom
EU's Dijsselbleom on Reuters
That last comment was actually from a Eurozone official
There's going to be some big bar bills after this meeting
source
And they go on and on and on ... bunch of morons