Friday, July 10, 2015

Greece debt crisis: Eurogroup says new plan 'thorough'

By BBC News


A top eurozone official says Greece has submitted "thorough" proposals aimed at getting a vital third bailout and averting a possible exit from the euro.
Eurogroup President Jeroen Dijsselbloem said the eurozone would discuss a response to the plans on Saturday.
Germany has cautioned there is little room for easing Greece's debt burden.
Greek PM Alexis Tsipras will put the plans, which contain many elements rejected in a referendum last Sunday, to a vote in parliament on Friday.
The prime minister submitted the proposals to Greece's creditors - the European Commission, the European Central Bank and the International Monetary Fund - by the Thursday deadline they had set.
Follow the latest updates here
European Commission President Jean-Claude Juncker, European Central Bank President Mario Draghi, International Monetary Fund head Christine Lagarde and Mr Dijsselbloem were scheduled to hold a conference call on the new proposals at 11:00 GMT.
Mr Dijsselbloem said the new Greek paper was "a thorough piece of text" and that support from the Greek parliament would give it "more credibility".
"But even then we need to consider carefully whether the proposal is good and if the numbers add up. We have to make a major decision. Whichever way."
Analysis: Robert Peston, BBC economics editor
Only a few days ago Mr Tsipras won an overwhelming mandate from the Greek people, in a referendum, to reject more-or-less these bailout terms.
And today, on the back of that popular vote, he is signing up to the supposedly hated bailout. This is big politics that would make Lewis Carroll proud.
But here's the point. If a way isn't found to allow the banks to reopen within days - and the ECB simply maintaining Emergency Liquidity Assistance won't come anywhere near to achieving that - the Greek economy will implode so that any bailout deal agreed this weekend will become irrelevant in weeks.

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