terça-feira, 23 de junho de 2015

Greece Given 48 Hours to Reach Deal as EU Weighs Debt

Greece Given 48 Hours to Reach Deal as EU Weighs Debt
by Mark DeenArne Delfs
June 22, 2015 — 9:29 PM CEST Updated on June 23, 2015 — 9:02 AM CEST

New Reform Measures Shows Greece is Getting Serious
Greek Prime Minister Alexis Tsipras has 48 hours to bring a deal with his country’s creditors to the finish line and end a five-month standoff over aid that risks splitting the euro.
After a day of marathon talks on Monday, leaders from Greece’s 18 fellow euro-zone countries agreed that Tsipras’s government was finally getting serious about striking a deal after it submitted a set of reform measures that began to converge with the terms demanded by creditors. They agreed to step up the pace of negotiations to secure a breakthrough on Wednesday that leaders can sign off at the end of the week.
The package of proposals represents “a certain step forward, but it was also said very clearly that we’re not yet where we need to be,” German Chancellor Angela Merkel told reporters in Brussels after an emergency summit Monday night. “Hours of the most intensive deliberations lie ahead of us.”
Greek government bonds rose early Tuesday, extending a rally sparked by hopes of an imminent deal after Tsipras’s government submitted new proposals addressing the areas of pensions and fiscal targets that had proven the chief barriers to a deal. The yield on the 2-year bond fell 180 basis points to 22.6 percent at 9:50 a.m. in Athens.

Sticking Point
Disagreement remains over the fine print, with revenue from sales-tax rates the chief sticking point, according to an EU diplomat who asked not to be named because the talks are private.
Tsipras is also bracing for a battle at home as any agreement will have to secure backing from the country’s parliament. The most difficult task will be convincing hardliners in his own ruling coalition to back a deal that would breach his Syriza party’s pledge to end austerity.
Greece Given 48 Hours to Reach Deal as EU Weighs Debt
Greek government spokesman Gabriel Sakellaridis on Tuesday called on lawmakers from the ruling coalition to back the plan when it comes to parliament. “Every lawmaker has a personal responsibility to recognize and understand not just the urgency of the moment, but the urgency of the whole project,” Sakellaridis said in an interview with Mega TV.
Germany insists on Greek lawmakers taking the first step by passing economic policy changes before the German lower house will agree to a revised aid deal.
A meeting of euro-area finance ministers was convened for Wednesday to prepare the ground for a second, scheduled summit of European Union leaders that begins the following day.
Viable Solution
Negotiations with creditors will continue over the coming 48 hours to achieve a “total and viable solution,” Tsipras told reporters in the early hours of Tuesday. The government aims for the country “to be able to stand again on its feet very soon,” he said.
With the clock ticking toward a June 30 deadline both for the expiry of the European portion of Greece’s bailout and payments to the International Monetary Fund, leaders stressed the work still to do in the time available. While they didn’t discuss the IMF payment, they did raise Greece’s future financial viability given its debt load, the highest in Europe.
French President Francois Hollande cited “the lengthening of maturities, or re-profiling of the debt,” saying that “it needs to be indicated as a forthcoming step,” albeit not in the coming days.

Merkel said that rendering Greece’s debt sustainable wasn’t discussed in detail, but “it became clear that this question of financial viability has to be part of the agreement.”

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