New deal on the table could keep Greece in Euro

0
shutterstock.com


THE Greek Government of Alex Tsipras’s Syriza has made several concessions to the EU’s demands before a series of meetings today on the country’s debt crisis, which has seen a surge in confidence in a deal being done.
The last week has seen a run on Greek banks as depositors have withdrawn millions and meetings between Europe’s finance ministers and the European Commission ended without progress, leading to real fears that Greece would default on its loans and be forced out of the Euro and perhaps the EU altogether.
But a series of talks by phone over the weekend has seen Tsipras reportedly submit new proposals, which have been acknowledged as creating more space for agreement. Those proposals will be pored over today in meetings between Greece and Europe’s financial and political chiefs.
A summit tonight between EU prime ministers has been hailed as a victory for the left-wing Greek Government, who have long called for the country’s debt to be addressed as a political issue requiring a political solution, rather than a question for bankers alone.
It has not yet been reported how much the new proposals concede in terms of the EU’s demands that in exchange for new financing, Greece makes further austerity cuts in national spending and welfare reform.
Today will be a crucial day of talks as the deadline for Greece’s debt repayments to be renegotiated – June 30 – approaches. European stock markets have rallied this morning as confidence grows that neither side is willing to see Greece crash out of the Euro and that a deal will be struck.


LEAVE A COMMENT

Please enter your comment!
Please enter your name here