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Talks over Greece's new bailout put on hold until referendum
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Program Code: 0909346150605007 | Source: CNTV
DESPITE failure to reach a last minute deal over Greece's debt, eurozone ministers have decided to halt talks, until Greek citizens make their voices heard in the referendum on Sunday.
All 19 Eurozone countries have agreed to put on hold discussions about Greece's new bailout proposal until after Sunday's referendum.
"Given the political situation, the rejection of the previous proposals, the referendum that will take place on Sunday and the 'no' advice of the Greek government, we see no grounds for further talks at this point," said Jeroen Dijsselbloem, president of Eurogroup Of Finance Ministers.
But there was no outright rejection of Greece's new offer, which contained little detail.
"All they have right now is a letter of a page and-a-half where the Prime Minister of Greece suddenly says I accept almost everything you have asked me to do—just a little few things I want to keep different: I want to have a tax break for my islands, and I don't want to adjust my pensions immediately. Yours sincerely, please give me 30 billion," said Daniel Grod, director of Centre For European Policy Studies.
On Wednesday, Italy's Prime Minister described Greece's referendum as a choice between the euro or the drachma.
Even if the referendum produces a 'yes' vote, negotiations will not be easy.
Any new deal will have to be vetted by the International Monetary Fund, The European Central Bank, the European Commission, 19 euro area leaders and several national parliaments.
Officials stressed that if all else fails the European Monetary Union, known as the EMU, could absorb a potential Greek exit.
"Whatever the course of events in Greece, I am convinced the EMU will weather them," said Valdis Dombrovskis, European Commissioner for The Euro.
Greece's bailout expired Tuesday, at the same time Athens failed to repay about US$1.8 billion dollars to the IMF—the largest single missed repayment in the fund's history.
On top of that, Greece owes a total of more than US$7 billion to creditors—with a July 20 deadline—money Athens says it does not have.
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