In default since midnight, Greece has taken a step towards its creditors saying is ready to accept the latest proposals on the table to obtain a new aid plan to be discussed Wednesday by the euro area, but already generating strong reservations.
Without waiting, the German Minister Wolfgang Schäuble called on Athens to “clarify its position” before any new negotiations on a bailout of the country.
“All this does not provide a basis to discuss serious steps,” said Schäuble in Berlin at a press conference on the German state budget. “Therefore Greece must first clarify its positions on what she really wants and then we’ll talk about in a context that has deteriorated sharply,” he added.
In a day full of surprises Tuesday Greece pulled out of his hat a new funding request over two years to cover its financial needs, or about 30 billion euros, while restructuring its debt.
The Greek government has also sent in the night from Tuesday to Wednesday a letter to creditors, in which he is willing to accept reforms that they require him –and that have been made public over the weekend -end dernier–, while posing new conditions and asking for improvements
This document will be discussed at the conference call of finance ministers of the eurozone held from 1530 GMT, after a first exchange late Tuesday afternoon.
“At first glance, the proposals are lower than those proposed by the creditors,” said a source familiar with the discussions. However, to aid two years, the conditions attached should be “more substantial” than for aid plans granted in 2010 and 2012.
The amendments submitted by Greece are “substantial,” confirmed a source close to the negotiations, suggesting that the road would be long before even a possible agreement on a third aid package.
“The hypothesis (agreement) exists, that’s a lot,” said the French finance minister Michel Sapin on French radio RTL. “The goal is to find an agreement before the referendum, if possible,” he added.
But many states are not on this line. “Nothing will be decided before the referendum,” said a European diplomat insisted Wednesday’s hard to Athens camp.
“Whether to reject or accept it,” the purpose of the election “does not exist, it never existed, but it had never existed, it no longer exists”, sliced Schäuble.
Meanwhile, the euro area is ready to consider the new Greek request. “We need to look at that (…), but I think we can do we seriously address after the weekend,” said Tuesday night the boss of the Eurogroup Jeroen Dijsselbloem.
Scarecrow ballot, it could, if not the Greek people, ultimately lead to the exit of Greece from the euro area and a major crisis of European institutions.
According to a telephone survey of 1,200 people between 28 and 30 June and published in the Greek newspaper “Ephimerida your syndakton” 51% of respondents choose not, against 34% yes. However, the gap is lower if we observe those who think voting: 46% no, 37% yes. The paper recalls that during the same poll conducted before the introduction of capital controls Sunday, the “no” collected most votes.
The ECB last resort
Now, only the European Central Bank provides financial survival of the country supporting at arm its banks completely dry.
The 25 members of the Governing Council are to meet later Wednesday in the day to discuss the situation of the Greek banking system, set under glass by the Athens government closed the banks for the week.
The Institute Frankfurt has to decide whether to maintain a line of emergency loans for Hellenic institutions, short of money and costs stormed by anxious Greeks who want to withdraw their savings. Technically, the institution could decide to cut off the financial tap to Greece, even though it seemed unlikely.
This further plunge in Athens the financial abyss, while Greece, by not paying the € 1.5 billion it was Tuesday the IMF, became the first minutes of the day Wednesday the first industrialized country to default vis-à-vis the institution that wipes out the largest unpaid history.