Greece’s credit proposal based on last week plan
I shall support fully Prime Minister Tsipras, the new Minister of Finance, and our government.
The United States, China and Japan all called for a solution in which Greece stays in the euro zone.
The euro held steady on 7 July as investors awaited new proposals from Greece at the emergency summit of eurozone leaders and finance ministers in Brussels. New Greek Finance Minister Euclid Tsakalotos, right, looks at outgoing Finance Minister as he speaks during a hand over ceremony in Athens, Monday, July 6, 2015. I don’t want to lose the dream for a better Greece.
“Time is of the essence”, German Chancellor Angela Merkel said after discussing the Greek crisis with French President Francois Hollande in Paris.
Tsipras gave little clue of what reform concessions he would make to try to convince deeply sceptical European leaders to lend Athens more money after five months of acrimonious and fruitless negotiations with his leftist administration.
If Greek banks run out of money and the country has to print its own currency, it could mean a state leaving the euro for the first time since it was launched in 1999.
At a meeting in Brussels, Greek finance minister Euclid Tsakalotos brought no proposals to the negotiating table, according to sources.
Germany’s biggest-selling newspaper knows who it wants to see at Tuesday’s emergency summit of eurozone leaders in Brussels: the Iron Chancellor.
European officials were cautious about the prospects for progress.
In an intensive round of telephone diplomacy, Mr. Tsipras spoke to the heads of the ECB, the International Monetary Fund and the European Commission, as well as Merkel, Russian President Vladimir Putin and USA Treasury Secretary Jack Lew.
Their tough stance was echoed by eurozone finance ministers and officials meeting hours before the summit, who warned that without a “credible” reform plan from the Greeks they could rule nothing out. “What we’re going to do today is talk to each other, understand each other, show tolerance to each other and restore order to the situation”.
In Athens, Tsipras obtained the backing of the four main parties “to continue and strengthen the effort to reach a socially fair and economically viable deal”, after the 61-percent No vote by Greek people on Sunday against creditors’ demands.
The British educated Tsakalotos was thrust into the spotlight on Monday after the surprise resignation of his firebrand predecessor Yanis Varoufakis, pushed out after relations with the European Union had broken down.
“I won’t hide from you that I am very nervous and very anxious”.
Athenians awoke yet again Tuesday to the bleak reality of closed banks and more lines at cash machines to make their daily withdrawal limit of 60 euros ($67), as fears grew the ATMs could soon be running empty.
“An agreement between Greece and its official creditors remains possible, but time is short and the risk of policy missteps, or that the two sides simply can not agree a deal, is high”, Fitch said.
The second thing Tsipras, Varoufakis and Syriza did was talk honestly with the Greek people, instead of misleading them, talking down to them, and trying to manipulate them by turning to petty diversionary issues.
Unable to pay his suppliers outside of Greece or access the more than $100,000 in his bank account, Manesiotis fears he may lose his business.
And Giorgos Kafkaris, a 77-year-old pensioner, is hopeful about improvements. “I am not taking over at the easiest moment in Greek history”, Tsakalotos said after being sworn in. “I believe something better will happen”, he said.
The euro fell 0.5% to 1.1057 dollars.
He has demanded that creditors write off much of the country’s debt and will hope to exploit growing divisions between France and Germany – the Eurozone’s two most powerful members.
European leaders must decide whether they can negotiate with Tsipras, who blindsided them by walking out of talks on June 26 to call the referendum, or prepare for the first departure from the currency bloc founded 16 years ago.