Greece sends new bailout proposal to creditors – nrc.nl

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The Greek government of Prime Tsipras has sent this evening a proposal for a third program of support to the creditors (EU, IMF and ECB). That’s spokesperson Eurogroup chairman Jeroen Dijsselbloem confirmed. The coming days will show whether the creditors take with pleasure the Greek plan and whether the country can or can not stay in the eurozone.

The Government of Tsipras had given creditors until the time late tonight to Details of a new rescue plan to submit. Yesterday Athens had been formally a new request for emergency aid from the European bailout fund ESM (European Stability Mechanism), but the specifics of the bailout had to be sent to creditors and Eurogroup chairman Dijsselbloem. That happened this evening, reported the spokesman Dijsselbloem, Michel Reijns on Twitter:

The coming days will show whether Greece can remain a member of the eurozone. After Sunday’s referendum, in which the Greek people said no to a previous European rescue plan, suggested the EU countries Greece Tuesday a tough deadline. Sunday is the final day to come to an agreement. Then find again in Brussels a summit of EU leaders place.

That should come in the coming days really clear about whether Greece can remain in the Eurozone, especially related to the emergency aid from the European Central Bank to Greek banks. Thanks to this support, the Greek banks, which already half week are closed, bankrupt. The ECB can not and will not retain emergency aid if there is no prospect of a deal on Greek debt

Guardian. 13 billion in new spending cuts

Eurogroup President Jeroen Dijsselbloem would be Wednesday against The new Greek finance minister said that the new proposals “must be right first time.” What exactly is the new proposals is still unclear, but The Guardian reported earlier tonight that the government Tsipras significantly would bow to the demands of Europe by 13 billion in new spending cuts and reforms set. However, the Greeks were a form of debt relief to a subject that was taboo until now for most euro area countries.

Financieele Dagblad Tonight reported according to sources close to the negotiations, Eurogroup chairman Dijsselbloem wants the European Commission, ECB and IMF, the Greek new proposal as a whole will test the feasibility and credibility. By the EC, asking the ECB and the IMF to examine the proposal entirely, Dijsselbloem deviates from the ESM treaty. It just says that the rescue fund ESM, the three institutions makes a formal investigation into risks to financial stability, financing and debt sustainability.

Also after any deal is still hope uncertainty

If the Greeks and the creditors come out in the coming days another, then it can go wrong afterwards. So each euro country has a veto over new ESM aid for Greece. Furthermore, in a number of countries including Germany, the Netherlands and Finland, national parliaments specifically approve any new program. Many German parliamentarians, also of Angela Merkel’s own CDU, have already announced they would vote against.

If the Member States and their parliaments cooperate and make haste, it may be available new funding insiders in August. But by then the Greek banks have long been bankrupt. A bridge loan appears inevitable, but euro countries are divided on. Al July 20 Greece must make a payment of 3.5 billion euros to the European Central Bank (ECB). A credit to the IMF (3.6 billion euros) last week could not be applied.

Read the live blog about the developments back today.

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