Premier Tspiras yesterday in Brussels, where he had admonished by dozens of MEPs speak from across the political spectrum. Today he is again in Athens and he and his negotiators really get results. Time is running out. On Sunday there should be an agreement on the table, a Brussels, as the European institutions have made clear. As for Monday, no agreement is reached, the negotiations are terminated. There is still hope, but the chances of a Grexit remains real. Follow the latest developments today in this live blog.
Updates by Sam de Voogt
Enough for today
This concludes live blog off. The Greeks have their ‘ultimate’ reform plan, drawn up with the help of France, well before the deadline of midnight sent to the EU. Eurogroup Chairman Dijsselbloem has confirmed to have received the plans. The plan, about which little is known, tomorrow submitted to the Greek parliament. Then the plan, Brussels will this weekend look good enough to save Greece from bankruptcy. That is exciting: according Dijsselbloem plans must now “in his first time”
Dijsselbloem acknowledge receipt Greek reform plan
Jeroen Dijsselbloem, chairman of the euro group, confirmed to news agency ANP that he received the Greek reform proposals.
The plans are most likely tomorrow submitted to the Greek parliament. This Saturday they are first discussed by the Eurogroup, the day they will be discussed afterwards in a “final” EU summit, at 16:00 starts in Brussels.
The Guardian: proposal is worth 13 billion
According to The Guardian Greece has sent a reform plan in which reforms and cost savings of EUR 13 billion stand. The Greek Government has accepted the proposal, according to British newspaper in which Athens would meet almost all demands of creditors. Also the Greek parliament is expected to agree to the proposal. Parliament would vote tomorrow on the new reform plan.
Greek austerity proposals to send Dijsselbloem
Greece has just new austerity proposals sent to Jeroen Dijsselbloem, the chairman of the euro group. That report different media. The EU has not yet confirmed this news.
Greeks write new proposal with the help of France
According to Bloomberg Tsipras has with the support of France drafted a new proposal in which economic reforms and cost savings are. The proposal has not yet submitted this should be done before midnight. On Sunday, the proposal will be discussed times an EU summit.
Text reforms will be submitted to the Greek Parliament
The Greek government will tomorrow a text which reforms staandie should be implemented before the coming financial help, to submit to the Greek Parliament. That has a source within the Greek government told Reuters. This government wants to be goodwill show international creditors.
The creditors want the Greeks first reforms by before any financial support, to ensure that the Greek government will cooperate. Greece would not go that far, it first wants a debt restructuring. Therefore now Athens tries with an intermediate step, a text containing approve reforms through parliament. Later, after a meeting of the euro group, would have a new vote could follow on the actual implementation of these reforms.
Germany Put the door still ajar?
The German Finance Minister Wolfgang Schäble admitted at a conference in Frankfurt that Greece is likely to require some form of debt restructuring . He gave the IMF concede. But he added, similar to this:
“We can not allow this because it would infringe the EU system.”
Schäuble gave no solution to the dilemma which he enumerated, which could point to the fact that Greece’s debt problems can not be solved in the eurozone. However, he said there was limited room for “reprofiling” of Greek debt.
Updates by Casper van der Veen
Dijsselbloem Greek banks threatened to leave” sinking “
Eurogroup chairman Jeroen Dijsselbloem threatened to” allow the Greek banks sink “if Athens would make no firm reforms. This has an anonymous member of the Greek negotiating team told the French website Mediapart research.
Dijsselbloem voiced threats to the then Finance Minister Yanis Varoufakis. Who stepped in after the referendum last Sunday, in his own words to make Athens the negotiations with Europe easier.
Watch: furious Verhofstadt thrives against Tsipras
While waiting for the Greek agreement, something to look back. Greek Prime Minister Tsipras yesterday was visiting the European Parliament. He had toehoren how dozens of MEPs from all political directions and winds pulled him from teaching. Most notable was the performance of the leader of the liberal ALDE group, the Belgian Guy Verhofstadt, who gave an angry speech:
Here’s what nrc.nl previously wrote about the tirade by Verhofstadt
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Minister: Greek proposal is sent within hours
Athens sends in “several hours” the new proposals. That just said the Greek Defence Minister Panos Kammenos.
The government has until today to come up with reform plans. That should lead by Sunday to a final agreement. If that fails, warned Donald Tusk Tuesday, the negotiations are terminated. A Greek default is almost inevitable.
Scholarships close with gains on optimism about Greece
The stock markets in Europe closed Thursday with hefty gains. Investors speculated out that the Greek drama still positive expires after months of wrangling between the country and its lenders. The Greek government has until midnight to submit a reform plan that should then lead to an agreement on Sunday, the day of the ultimate deadline.
The AEX index closed with a gain of 2.4 percent at 469.97 points and the MidCap got 1.8 percent to 696.99 points. The leading indices in Frankfurt, London and Paris went up to 2.6 per cent ahead, while indicators in Madrid and Milan won respectively 3 and 3.5 percent.
In Amsterdam, ING to head with a profit of 4.4 percent, followed by producer ASML with a plus of 3.5 percent. Supermarket giant Ahold (plus 3 percent) also performed well after subsidiary Bol.com announced early next year to begin construction of a new logistic center in Waalwijk. Partner Docdata (plus 4.2 percent) also listed on the Damrak, doing so will provide the staff and daily operations.
The euro was worth 1.1025 dollars against 1.1070 dollars at Finally, the European stock markets on Wednesday. The price of a barrel of American oil rose 2.7 percent to $ 53.05. Brent was 3.5 percent and cost $ 59.04 per barrel. (Reuters)
Greek opposition politician believes that there was support for approval
Dora Bakoyiannis, a prominent politician of the Greek conservative opposition party New Democracy, believes there is enough support in the Greek parliament to support an agreement with the lenders. She said after a conversation of an hour with Jean-Claude Juncker, President of the European Commission.
Bakoyiannis said to have hope for a deal that prevents the Greeks “must bleed for amateurism, obsession and egotism “. Another member of New Democracy said that a vast majority of Greeks want to keep the euro and EU members want to stay. (AP)
Germany: action needed is confidence again
The Greek government can win back confidence in the eurozone to take immediate action to reform its economy. That said German Finance Minister Wolfgang Schäuble at a conference in Frankfurt
“We have always said that action must be taken to build confidence, and I have. no action yet seen. “
Schäuble has already declared to be skeptical about the will in Athens to serious reform. He considers the probability of concrete actions for the EU summit on Sunday also “quite limited”. However, the Minister said to be pleased with the new Greek minister, Euclid Tsakalotos, which according to Schäuble “is more conventional than its predecessor” – Yanis Varoufakis
IMF: Greek crisis no threat to world economy
Oilvier Blanchard, head of research at the International Monetary Fund, said the Greek crisis is threatening to little the world economy. According to him, the global economy, “the stress tests of the past endure two weeks of fairly good”.
Blanchard noted that the Greek economy represents only 2 percent of the economy of the entire eurozone. At the global level is even less than 0.5 percent. Blanchard said he also hoped that there would be agreed to which Greece can stay in the eurozone, but believes that a possible Grexit probably have a very limited impact on the world economy.
Merkel: No debts are canceled there
Germany against the cancellation of Greek debt or a part thereof. That Chancellor Angela Merkel said today during a visit to Bosnia. “That has not changed the day before yesterday and not today,” said the prime minister.
The Greeks today have come up with a reform plan. When asked Merkel said that she is not in a position to determine whether this plan will meet the expectations of creditors.
Photo EPA / Valdrin XHEMAJ
Juncker speaks with Greek opposition
Jean Claude Juncker, president of the European Commission, speaks today and tomorrow with members of the Greek opposition parties in Brussels. It has said his spokesman.
Juncker this afternoon a meeting with a delegation of the conservative New Democracy party. Tomorrow he speaks with the leader of the center-left To Potami.
Ireland : appoint new Greek minister has restored confidence
Ireland is confident that Greece this weekend an agreement with Europe. That Finance Minister Michael Noonan said in an interview with radio station Newstalk.
Noonan says the appointment of a new Greek finance minister has restored confidence in Athens and has improved the atmosphere of the negotiations. The Irishman admitted that he and his colleagues the previous Greek Minister Varoufakis, evasive and unspecific found in its wording. Noonan estimates the chances of an agreement with the Greeks “over 50 percent”.
Exhibitions feathers after statements Tusk
European stock markets reacted positively to the statements made by Tusk. The Euro Stoxx 50 index, which includes fifty major companies are listed in the eurozone, shot by two percent.
The President of the European Council said that credible Greek reform proposals should be accompanied by a realistic proposal the creditors:
Read the interview that NRC with Tusk
Greek unemployment falls
Unemployment in Greece has declined slightly in April. That made the Greek statistical office announced Thursday.
Unemployment in the ailing euro zone fell in April to 25.6 percent of the workforce, compared with 25.8 percent a month earlier and 27 percent in April 2014. Unemployment therefore slowed to its lowest level since July 2012. In September 2013 the Greek labor reached a low point, with an unemployment rate of 27.3 percent.
Despite the slight improvement in Greece is still struggling with the worst labor market all euro countries. The only country that comes close is Spain, where 22.5 percent of the workforce has no paid job. (Reuters)
Lavrov: Russia hopes to agree
Russia does not enjoy at all of how the European Union is struggling with the Greek debt crisis. On the contrary, according to the Russian Foreign Minister Sergei Lavrov, which says it wants to correct this. According to the minister, Moscow has no interest in “to stir up the fire” and said he hoped for an agreement that is acceptable to all parties.
According to Lavrov, Russia is interested in a “strong and economic growth European Union “. In recent weeks repeatedly speculated that Russia Athens financially would come to the rescue, but this has always been denied by the Kremlin.
Updates by Laura Klompenhouwer
Exclusive Interview Tusk NRC
European Minister Donald Tusk said in an exclusive interview this afternoon NRC Handelsblad that he thinks Europe, the Greek Government too has given the impression that long negotiations made sense.
“I think from the beginning harder boundaries had to be drawn. The field was too elastic. The Greek Government stated that it could quickly conclude that long by bargain made sense. “
Read the interview
In a press conference Tusk was just philosophical: Magnum vectigal est Parsimonia (high income economy)
Tusk also called on both the Greek government and its creditors to come up with realistic proposals:
The French position as weather
Prime Minister Manuel Valls repeats only as a Grexit would be a geopolitical disaster and -Strategic
Tsipras call with Tusk
Alexis Tsipras has called this morning with the President of the European Council, Donald Tusk. That has reported the spokesman Tusk. The Greek prime minister is now in Athens to meet with, among others, Minister of Finance Euclid Tsakalotos, Minister of Economy Giorgos Stathakis and Foreign Minister Nikos Kotzias.
One analyst reports based on the new medium NEWS 247 a Greek proposal will first be submitted to opposition parties, including PASOK and New Democracy. That would be “unprecedented”.
Creative with bread
A baker in Athens invented an original way to attract customers
Updates by Sjoerd Klumpenaar
Dijsselbloem going for another term presidency
Minister Dijsselbloem has told Reuters that he was still a candidate for a new term as chairman of the euro group. His term expires in July. Next Monday vote finance ministers on who the new president will be.
Updates by Laura Klompenhouwer
Who has the higher debt per capita?
The Organisation for Economic Co-operation and Development (OECD) sent yesterday an illuminating tweet that a and another put in perspective. The graph below shows that the United States has a higher debt per capita than Greece
Also at NRC Q:. High? Greek debt is not high
Meanwhile, in Athens …
… throws the Greek energy minister Lafazanis some oil on the fire. The politician who moves to the left of the left-wing government party Syriza, said he was against a third bailout package where conditions of far-reaching reforms and spending cuts are applicable. Premier Tsipras awaits the difficult task to come up with a proposal which he both creditors and his own party pleases. (Information via Reuters)
#Grexit free of charge? Blah
It seems that everyone will have to take his loss to reach a deal and avoid a #Grexit. That does not mean a #Grexit not also lead to losses in Greece and Europe, warns the well-established Peter Spiegel of the Financial Times
French connection
A team of French experts would assist the Greeks writing new proposals to creditors, reports The Guardian .
No tool
The previous EU assistance for Greece last week formally ran off. Therefore lapsed emergency aid, including a jar of 10.9 billion euros which was put aside for possible recapitalization of Greek banks.
’51 billion ‘
It will be exciting if the new request, yesterday, to emergency aid in the European rescue fund ESM (European Stability Mechanism) will be granted. Confidence in Tsipras is gone, wrote Brussels correspondent Stéphane Alonso and foreign editor Wilmer Heck yesterday. It can pronounce each euro country a veto over new ESM aid for Greece.
In addition, in some 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.
Marloes de Koning, NRC-correspondent in Greece, provides an estimate of the amount to the ESM is requested:
France and Germany
Clearly, the French Government and the German Government, otherwise stand in the Greek crisis. That is also apparent from the following tweets, a Reuters journalist and bureau chief of Financial Times
Optimism on stock markets
The AEX index in Amsterdam has started the trading profit. Elsewhere in Europe, the indicators went up. Investors are awaiting the Greek proposals for spending cuts and economic reforms to be announced later today.
The AEX was around 09.40 1 percent higher at 463.70 points and the MidCap rose 0.7 percent to 688.86 points. The indicators in Frankfurt, London and Paris were between 0.6 and1 percent ahead. (Reuters)
At midnight
Tsipras has to midnight to come up with proposals which he can negotiate with the international creditors. Dislikes point so far has included the “chicken-or-eidiscussie ‘about reforms (demanded by the European Commission, International Monetary Fund and European Central Bank) in exchange for partial remission of debts. The troika wants to see first reforms, Greece wanted first debt.
Bank Mergers on arrival ?
Anonymous sources inside the European institutions left yesterday evening to Reuters that a number of major Greek banks probably dismantled and placed is in stronger competitors, as creditors of the bridge come up with a new rescue package for Greece. According to one of the sources remain of the four major banks (National Bank of Greece, Eurobank, Piraeus and Alpha Bank) possible only two left. The sources differences of opinion whether these mergers should take place in the short or long term.
Read our news.
Yesterday, a survey:
We put the most important events of yesterday at a glance:
- Greece yesterday morning formally submitted a request to qualify for a new loan from the ESM (European Stability Mechanism), the special emergency fund for the euro zone. In the letter ask the Greeks to a three-year program. The government has promised next week to come up with concrete reforms concerning taxation and pensions.
- is expected to be later this week a new Eurogroup place. The forum of the euro countries finance ministers would confer by telephone yesterday, but that was canceled.
- The banks remain in Greece until at least Monday close. The maximum amount that may pins Greeks, remains at 60 euros. The banks can only open if they get extra liquidity, and that has not happened. Reportedly, the European Central Bank because decided not to further increase the emergency liquidity ELA. Entrepreneurs in Greece, the government meanwhile warned of a “wave of unemployment” if the banks do not open quickly.
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- Grexit
- Greece
- Greek crisis
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