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Dijsselbloem Says Greece Moving in Direction of Euro Exit
Eurogroup President Jeroen Dijsselbloem said that “the way as it goes now we’re going into that direction” of a Greek exit from the euro area.
Dijsselbloem spoke in Luxembourg after euro-area finance ministers on Thursday failed to reach a financial deal to keep Greece afloat.
“Only if the Greeks come up with a new and serious proposal, this could lead to a new agreement, but for now we’re far away from that,” said Dijsselbloem, who heads the group of 19 euro-area finance ministers.
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EU's Dombrovskis says do not expect a deal in one day on Monday - Livesquawk
EU's Dombrovskis taking a hard line
These comments echo Dijsselbloem's sentiment yesterday but it also puts some doubt on June 30 deadline for the IMF payment. It could be posturing as we had headlines yesterday that the EU & ECB could extend funds under the bank recap fund
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Greece - ECB, IMF "deliberately provoking a bank run ... to force Greece to its knees
Get your weekend off to a great start with a dose of Ambrose Evans-Pritchard!He writes in the UK's Telegraph:
The European Central Bank, the EMU bail-out fund, and the International Monetary Fund, among others, are lashing out in fury against an elected government that refuses to do what it is told.
Does anybody dispute that the ECB - via the Bank of Greece - is actively inciting a bank run:
The guardian of financial stability is consciously and deliberately accelerating a financial crisis in an EMU member state - with possible risks of pan-EMU and broader global contagion - as a negotiating tactic to force Greece to the table.
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Greek debt: New proposals to be put to creditors
A Greek minister has said new proposals will be put to creditors ahead of an emergency EU summit planned for Monday.
State Minister Alekos Flambouraris also told Greek media he believed the European Central Bank (ECB) would not allow Greece's banks to collapse.
Reports say billions of euros have been withdrawn from Greek banks in the past week.
The summit comes amid attempts to prevent Greece defaulting on a €1.6bn (£1.1bn) IMF loan repayment.
The European Commission, the IMF and the ECB are unwilling to unlock bailout funds until Greece agrees to reforms.
They want Greece to implement a series of economic changes in areas such as pensions, VAT and on the budget surplus before releasing €7.2bn of funds, which have been delayed since February.
Details of the new proposals have not yet been released.
Monday deadline
Greek Prime Minister Alexis Tsipras has said he believes "there will be a solution based on respecting EU rules and democracy which would allow Greece to return to growth in the euro".
But German Chancellor Angela Merkel has warned there must be a deal between Greece and its creditors ahead of Monday's summit.
Otherwise, she said, the summit would not be able to make any decision.
Mr Tsipras was due to hold further talks with his negotiating team in Athens on Saturday.
read more
Greeks send wrong docs to EU monitors again
Our friends at Livesquawk reporting a piece in the FT
Three senior officials say there's been a mix-up with the documents sent to the bailout monitors
Said one of the bailout montors
"It's not so dramatic, but they sent the wrong one by mistake"
The officials said the Greeks intended to submit a new version this morning, but it remained unclear whether they had done so. Two officials said they received a revised version during the early morning hours on Monday, but the third official said they had not yet received the new version.
Mistake or deliberate time wasting? I recall this happening previously too
Sad, laughable and fragile times
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Greek crisis: Lower expectations for a deal today – maybe onThursday
Dark clouds pour down rain over Brussels, and the hopes for a Greek resolution that seemed much brighter earlier in the day seem to be diminishing now.
Various finance ministers entering the Eurogroup meeting have lowered expectations, saying there was a confusion over Greek proposals.
Some of them are talking about another meeting on Thursday. The German, Irish and Finnish finance ministers have all lowered expectations, saying that they haven’t been able to come prepared to the meeting.
More specifically, Irish FM Noonan said he expects another Eurogroup meeting later this week. Spanish FM says he comes with “open ears” but low expectations.
According to some reports, Greece sent too many confusing versions of its proposals. Another report says that they have mistakenly sent the wrong ones.
This comes in contrast to quite a few optimistic headlines coming over the weekend, and these included specific details in changes to VAT, pensions, retirement and more. So, where are all these details?
EUR/USD is around 1.1340, closer to the lower end of the range. The cold water coming from Brussels has a bigger effect on stock prices, which came down from the highs.
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It is obvious that yesterday nothing new happened. The circus continues and it is not Greece that is the leader of the circus
It is obvious that yesterday nothing new happened. The circus continues and it is not Greece that is the leader of the circus
Neither is EU or ECB leading it - that is the tragedy
Tsipras: Creditors didn't accept Greek proposals
That's clarified the prior storyEURUSD sinks to 1.1180
Bloomberg with that headline and now Reuters have added that the Tsipras told associates that the measures were not accepted by creditors
European yields are jumping on the headlines that a deal may not be coming
This is another moment where we need to watch out for denials and counter comments
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They are not going to let the Greece out
They would rather destroy it (as they are doing it now) then to let it out