BuitenlandEconomie
Updates by Joost Pijpker
We conclude for Today
And with the downgrade by Fitch, we join the live blog for today. Main news today was the sudden proposal by the Greek government to conclude a new, third aid package. But extending the current utility did not lead, as the euro countries decided tonight during a special press meeting of the Eurogroup.
With one hour to go until midnight Greece is unable to make the required 1.6 billion euros to the International Monetary Fund. The country has been deferred payment is requested and possibly tomorrow with a new proposal, again focused on taking out a third aid program. And also for the finance ministers of the euro countries, the early day: they have already been scheduled at 11:30 am following consultations
Follow the coming days all over Greece on NRC.nl.
Fitch lowers Greece rating
After Standard & amp; Poor’s rating agency Fitch has further lowered its rating for Greece. The creditworthiness of the country is now scaled CC, just one step above the level at which a bankruptcy is inevitable. Fitch said that according to AP the following about in a statement:
“The deadlock in negotiations between the Greek government and its creditors has increased the probability substantially that Greece is unable is to be debt to do in the coming months including through the bonds held by the private sector “
The move by Fitch comes a day after S & amp;.. P rating to Adjusted down to CCC. That is two steps above the level of “inevitable failure”.
Greece asks IMF delay
The Greek government has asked the International Monetary Fund tonight deferral. Greece wants to delay until November, as deputy prime minister Ioannis Dragasakis announced tonight at the Greek public broadcaster ERT. The southern European country has to pay today 1.6 billion euros to the institute in Washington, but does not have enough money for that. Athens did tonight one last attempt to extend the current aid program, but it was rejected by the euro group.
begins Eurogroup tomorrow morning
The eurogroup tomorrow (probably) no night work, as late minister Jeroen Dijsselbloem (Finance, Labour) has just know via Twitter. Dijsselbloem and his colleagues from the other euro area countries call each other around 11:30 by telephone. The subject is obviously the most recent proposal by the Greeks.
Unlike yesterday, today there are few concerns on Wall Street about the Greek debt crisis. Main Indicator Dow Jones stands shortly before closing nearly a quarter percent in positive territory, while the broader composite S & amp; P stands at 0.4 percent gain. Monday dropped the S & amp; P still the strongest since April 2014 and vaporized the entire profit in 2015, reports Reuters
On the other side of the ocean is so today responded calmer than in Europe, where fears. the escalation of the Greek crisis still bustle prices. The AEX index in Amsterdam closed one percent lower, while the stock exchanges in Frankfurt, London and Paris each between 1.3 and 1.6 percent went down.
Dijsselbloem: new reform program will lead to stricter requirements
Dijsselbloem also has a less nice message for the Greek government. A new aid package may be associated with even harsher demands for reform, says the chairman of the Eurogroup tonight. And while the reforms to the Greek Prime Minister Tsipras had been unmentionable.
In today sent a proposal he otherwise did not say a word about reforms. Tsipras spoke primarily about new funding and restructuring of debt.
Dijsselbloem: first referendum, then new aid package
Moreover, the meeting of Finance Ministers are not averse to a third aid package, says minister Jeroen Dijsselbloem (Finance, Labour) after the Eurogroup told Reuters. But there on such a package is negotiated, the euro countries will first await the outcome of Sunday’s referendum.
For the temporary continuation of the current aid package – something the Greeks suggested in the last letter – it’s too late now, says Dijsselbloem. Greece comes tomorrow with a new letter, which negotiate the ministers of the euro countries tomorrow. A new day, a new meeting so.
Eurogroup last – no money Greeks
The special press eurogroup tonight is over, reports the Finnish Finance Minister Alexander Stubb just on Twitter. Greece needs today no longer count on extra support for debt payments to meet the IMF. The Greek proposal focuses namely to the closing of a new support program and such a request “always handled through the normal procedures,” said Stubb.
Obama: No impact on Greece USA
If the crisis in Greece out of hand this has no serious consequences for the US financial system, as does President Obama. He said there tonight during a press conference the next over, reports Reuters:
“In simple terms, this is not something we fear that a great shock to the system will be. But it is obviously very painful for the Greek people and can have a significant effect on economic growth in Europe. “
Sharper advice for Greece
Dutch tourists and other travelers who are in Greece should avoid demonstrations in central Athens on tour. Writes the Ministry of Foreign Affairs this evening in a tightened advice. These demonstrations will take place in the run-up to the referendum on the financial rescue plan. Earlier, the ministry warned that tourists should bring enough cash for the trip, because it may no longer be possible to withdraw or use credit cards. (Reuters)
New demonstrations in Athens
While the finance ministers of the euro countries evening talk by phone, in Athens in favor of a deal with Brussels began a new demonstration. If they – also called the camp ‘yes’ – on Sunday in the referendum are in the majority, that means quite likely the end of the government of Prime Tsipras

AP Photo / Daniel Ochoa de Olza
Rutte: I’m waiting for new Proposals Greeks
Prime Minister Mark Rutte awaits new proposals from Greece. If that is “in line” with the proposals which the institutions (EU, IMF and ECB) in recent days have done to Athens, “we will continue talks,” said Rutte just in parliament. Sunday’s referendum in Greece Rutte called an “internal matter for Greece”, although he stated that the organization of the referendum actually meant that the negotiations were broken off between Europe and Greece.
Rutte stressed that it still “not the goal, nor our desire” is that Greece will leave the eurozone. Well Rutte stated that the Netherlands’ monetary and economically prepared “for a Grexit.
‘Greeks ask for 29 billion euros
In today’s proposal asking the Greek government to the euro countries to jump in long two years. That money comes from the bailout fund ESM will be used only to pay off creditors, swears Prime Minister Alexis Tsipras. But how much it actually?
The answer is 29.1 billion euros, according to a letter in the hands of the British newspaper Financial Times. This year the Greeks need 12.3 billion euros and for 2016 and 2017 respectively 7.2 and 9.6 billion euros.
” Greeks have today anyway no money
Despite the new Greek proposal is excluded that the euro countries tonight be earmarked to Southern European country. It claimed a Brussels official has just told Reuters. The meeting of the eurozone starts just half an hour and by telephone dismissed.
If the official is right, then the Greeks can tonight the International Monetary Fund does not pay. Athens has yet to 1.6 billion euros today to the account of the IMF. In the final proposal, which a few hours ago was sent suddenly asked Tsipras euro countries just to let the emergency aid will equally continue until a deal was about a third support package.
Varoufakis visit Tsipras, the motor
Prior to the meeting of the Eurogroup speaks Greek Finance Minister Yanis Varoufakis still the premier Tsipras. The minister has arrived at the home of Tsipras. He made the ride on the engine.

Finance Minister Yannis Varoufakis comes with its engine at the residence of Prime Minister Tsipras. AP Photo / Derik Gatopoulos
VVD wants Greeks do not just help again
A new proposal to help Greece, not just get the green light from the VVD. Financial spokesman Mark Harbers just said in the House that he thinks a Greek exit from the euro is “a very likely scenario.” Chairman Jeroen Dijsselbloem of the Eurogroup tonight consults with other euro area countries on a request from Greece for a new aid package. “I’m not going to join in as soon as we have yet to extend something tonight,” warned the VVD.
Capital controls: no more Spotify
What the Greeks feel exactly that yesterday imposed capital controls? For starters, they can not exceed sixty euro pegs, but also the transfer of funds to international companies is difficult. So buy something on Ebay or abonnementje Spotify is no longer there. And will soon be mercilessly reduced the storage capacity at Apple iCloud at the Bloomberg Greek office.
‘Creditors no positive proposal
question who plays the next few hours is: what is the eurozone’s latest Greek proposal. Is this a reason for cautious optimism? Journalist Peter Spiegel of the Financial Times was thinking of, but with a round of questions along the countries who will have to decide yet he mostly gets negative reactions.
A first reader question
The first reader question comes from F. van der Schaaf, who wants to know how the Greek government will soon thinks to spend money ( for example, pensions) if they no longer receive aid funds from the troika. Our correspondent on the spot, Marloes de Koning, replied that Greece has enough money to cover his expenses. It is the debt principal and interest payments bring the country into trouble, she explains:
“Greece (last year until now) a so-called primary budget surplus. That means there are more coming in tax money than is spent. If the debt repayment and interest payments are not included they would therefore have enough money to save themselves. “
If Greece later just refuses to pay its debts, so it may still spending do, says King.
Also parliament talks about Greece
The parliament has just begun a debate with Prime Minister Rutte about the European summit last week. Greece and the euro is expected to be the main subject of the debate. Watch via NPO policy.
Merkel: first referendum, then third support package
The finance ministers tonight may then engage in conversation with each other, but German Chancellor Angela Merkel refuses to have such a conversation temporarily. Merkel would only consider a third aid package if the Greek people has voted Sunday in the referendum, reports news agency DPA.
Eurogroup speaks tonight proposal
It was rumored earlier today, but Minister Jeroen Dijsselbloem (Finance, Labour) is now also confirms, the euro group meets tonight reconvened for an emergency consultation. The conference of the finance ministers of the euro countries starts at 19:00 and goes over the latest Greek proposal.
Nothing reforms
In the proposal, which is owned by Politico, is moreover not talk about reform. Tsipras says only that he wants the public debt is sustainable and feasible. At the end of two years, Greece would then have access to capital markets, writes the Greek prime minister.
“Greece continues to negotiate
The latest proposal Tsipras asked the eurozone a loan of two years, referred purely to pay the creditors. That money would have to come from the ESM, a permanent money pot which Europe can rescue ailing countries. Tsipras also wants the Greek debt is restructured. Greece remains at the negotiating table and will remain until the last moment to talk about a debt deal, reports the Office of the Greek Prime Minister.
No extension but a new program
The discussions of the Greek government with its creditors spent the past few days, an extension of the second support program. But could the reforms in exchange for the country by feel in exchange for that support Tsipras and the euro countries can not agree. It now seems that the Greeks throwing a different tack:. A new program with new demands
Greece makes new proposal
The Greek government has sent a new proposal to Brussels. The country proposes to set up a new support program that lasts two years, reports Reuters earlier.
Dijsselbloem has acute urgent requirement
Dijsselbloem has his weekly conversation RTLZ canceled. His spokesman tells Reuters news agency that this has to do with an “acute emergency duty.”
Grexit
A German entrepreneur has the patent on the brand name “Grexit” for vodka and energy drink. On the bottle cheerful cheers income Tsipras and Varoufakis, under an unhappy-looking Merkel.
Crowdfunding for Greece
Is the Future of Europe held by Tsipras, Juncker and other key players in the Greek crisis? No, a European does not think so. He is a crowd funding campaign was launched for Greece.
“The Greeks need 1.6 billion. That seems a lot, but it’s just three euros per European. That’s about half a pint in London. “
If you give three euros, Tsipras sends you made a card in Greece, so have local print business and post offices work. When you give six euro you get a salad with feta and olives. With ten euros you get a small bottle of ouzo and at 25 euros a bottle of Greek wine. If you go with the whole 1.6 billion comes up, you would first get a Greek island but that was canceled because the promoter (a Brit) showed that not simply be allowed to do in Greece.
So far, 96 269 euro picked up by 6319 people in one day. That equates at zero percent .
Still …
The rumor mill running through. Thus, the Greek Kathimerini news reports that negotiators busy on the phone to get around an agreement that would amount to withdrawal of the referendum and the proposal by Juncker last night (so still a proposal by Juncker?). The euro group would have an emergency meeting tonight, even before the official end of the tool. The head of the Greek Central Bank would already be on the way to the ECB in Frankfurt.
(usually well-established) Politico reported on the authority of Greek government officials to Tsipras today would have spoken with Juncker, Mario Draghi of the ECB and Martin Schultz – President of the European Parliament.
Merkel: no signs of a breakthrough
Merkel responds to the rumors of the last few hours that Greece would still like to talk about the proposal of Europe.
The door is open for negotiations, but there are no indications of a breakthrough .
“The last proposal that I know is on Friday,” Merkel said in addition. That would mean that Juncker has made a new proposal to Tsipras to defuse the Greek debt crisis.
Greeks hope for flexibility from lenders
The main negotiator of the Greeks is hoping that the lenders position themselves in the coming days flexible, he said in a statement. Which he suggests that Greece still wants to reach a last-minute agreement to avoid a Grexit.
“What does the Greek government of the proposed flexibility of the institutions? A fantastic idea. We look forward to more flexibility in the coming days. “
According to the negotiator, Euclid Tsakalotos, the referendum on the European proposal is part of the negotiation process.
Updates by Eva Smal
The Greek gods do not help at … says Fokke and Sukke
But Varoufakis still has hope for deal today
Also Varoufakis reports: IMF gets no money tonight
Premier Tsipras already announced yesterday, and the Minister of Finance Varoufakis confirms it: the International Monetary Fund get paid tonight no 1.6 billion
What does it mean when the IMF gets no money? Mark Beunderman NRC explains.
German Government: it’s too late to deal
The key players in the Greek crisis today, on the day of the deadline, still working on a deal appeared earlier. However, Reuters reports that the German government is already too late:
Greek banks not immediately bankrupt?
If Greece tonight not meet its obligations to the IMF, which does not mean that Greek banks insolvent immediately be explained by the European Central Bank. Such a bankruptcy could last up to five days, says a German member of the monitoring committee of the ECB reports Reuters.
Felix Hufeld, also chairman of the German financial regulator, Bafin, said in front of German economic journalists the insolvent state may take a few days.
“You can speculate for hours about whether two, three, four or five days.”
A few days delay Greece could provide the required air ahead of the Greek referendum on Sunday. If Greek banks ie or declared insolvent directly, they can immediately cease using the liquidity support of the European Central Bank. The ECB may provide namely such ELA funding namely only to banks that are solvent.
If the banks fall over the chaos is complete. “And Grexit inevitable,” said Editor Mark Beunderman morning in nrc.next.
It has been a very long five minutes to midnight
Last night there was a phone call between Juncker and Tsipras, twittering several journalists. Juncker would Tsipras asked “move out” – which as yet has not happened. It seems that he has not really made a new offer but insisted on acceptance of the previous EU proposal
What perspective on the ‘last’ situation:.
Yet negotiate again
A Greek government official tells Reuters there? Indeed “initiatives” for negotiations between Athens and Europe over a last-minute agreement. Today expires the support program of the eurozone, which is not extended because negotiations last week ran piece for the upcoming referendum in Greece. And Greece has to repay 1.6 billion euros to the IMF.

