The finance ministers of the Eurozone meet this Saturday to sift through the latest Athens commitments. Validation initiate a crisis
The chances of an agreement this weekend between Greece and creditor countries of the euro rebounded sharply after Alexis Tsipras has realized its political turn in a list of reforms and budget revisions for some immediate. In thirteen pages, the document sent to the Eurogroup tag three years of an unexpected recovery program six days after the Greeks voted no to austerity. François Hollande described a “serious and credible” program. Last week, Jeroen Dijsselbloem Greece accused him of “wasting his time”.
Friday, the head of the euro club greeted text “more thorough” countersigned by a head of government today “more credible”. And he announced a “major decision” for Saturday. Emergency loans which Athens needs to avoid bankruptcy, reopen its banks and release the paralysis economy are not yet on the table. Above all, the other capitals of the euro agreed to check the contents of the promises, the consistency of figures presented by the leader of Syriza. “The program first, then money,” said one EU official. This could be done as early as Saturday afternoon during a closed session of the Eurogroup. The Greek Finance Minister Tsakalotos Euclid, was confident about the fact that “many of the requests of Greece on the debt will be accepted” by the creditors.
“The outcome is open”
There remain two unknown size. The ability of Alexis Tsipras to get the lasting support of his party and the Greek Parliament to the “purge” announced, without even resorting to early parliamentary. And of course the ease with which Angela Merkel will be able to pass the bill in the Bundestag and the German public, both up against a Greece deemed incapable of reform.
Chancellor, unlike the French President was slow to say his opinion on the roadmap Tsipras. Martin Jäger, the spokesman of the finance minister, Wolfgang Schäuble, was not much more advanced: “The outcome of Saturday’s Eurogroup is fully open,” he said
The “list” of Athens, required such an ultimatum Tuesday with a summit of the euro, joined almost point by point the last offer of creditors, that Alexis Tsipras was rejected on June 30 It confirms a budget path recovery, essential for Athens continues to borrow from the euro area, before returning to one day access to international markets. Greece fails to formally seek relief or rescheduling due to 195 billion European bailout fund. Promises to abide by the rules of the common currency.
Retreats, taxation, privatization. The government gives Tsipras on most “red lines” that he had drawn up five months of fruitless negotiations in Brussels. This is also what will be the most difficult to sell the 61% of voters who joined him in the referendum.
Experts from the EU, ECB and IMF were to pass last night their evaluation to the finance ministers. The Eurogroup will decide on Saturday whether the list goes far enough to launch negotiations on a third bailout, including emergency loans. Breakthrough or failure this time without appeal, a new peak of Euro Sunday should draw conclusions.