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Germany rejects Greek request for loan extensionShock announcement from Berlin came after Greece filed formal request to eurozone partnersGermany has rejected Greece’s proposal for an extension of its loans, saying that it fell short of the conditions expected by the rest of the eurozone.The shock announcement from Berlin came just hours after Greece filed a formal request to its eurozone partners to extend its loan agreement, in the hope of averting a cash crisis.Eurozone ministers are due to meet on Friday in an attempt to hammer out a deal. It will be their third attempt in 10 days to resolve a standoff that has sent jitters across the continent at the prospect of a messy Greek exit from the single currency.The European commission had described the Greek proposal – widely seen as a climbdown on some of Greece’s key demands – as a positive sign that could pave the way for compromise.But Germany said the Greek plan failed to meet eurozone ministers’ demands that Greece stick to its bailout programme – a set of demands laid out on Monday at an acrimonious meeting in Brussels that failed to end the deadlock.
Money talks!
Eurozone finance ministers have drafted a common text with Greece that Greek and eurozone officials said on Friday could form the basis for an agreement to extend Athens' bailout package.
Greece and eurozone nations have agreed a deal to extend financial aid after bailout talks, officials said.Eurozone finance ministers reached an agreement to extend Greece's financial rescue by four months, according to officials on both sides.The deal removes the immediate risk of Greece running out of money next month.It also provides a breathing space for the new Greek government to try to negotiate longer-term debt relief with its EU creditors.
Eurogroup chairman Jeroen Dijsselbloem said Greece had given “their unequivocal commitment to honour their financial obligations” to creditors.An agreement has been reached but analysts in Athens are already describing the concessions made by the Greek government as “politically poisonous,” Helena Smith reports.
Last time I bothered looking, the EU was a democracy. Who made Germany boss?You'd never have thought they lost the war, would you?
Greek bailout: Germany claims victory as Greece agrees four-month bailout extensionAthens no longer in danger of running out of money but hardline German minister refuses longer deal
Greece’s finance minister, Yanis Varoufakis, claimed victory, insisting there was “no substantive difference” between the deal and a Greek compromise text that had been dismissed by Germany’s finance ministry as a Trojan horse for Athens to throw off austerity. “We are going to write our own script on the reforms that need to be enacted,” he saidBut the Greek prime minister, Alexis Tsipras, will almost certainly face fierce reaction over the deal, both from hardliners in his radical left Syriza party and from the populist rightwing Anel – his junior partner in the governing coalition – for agreeing to continue with austerity measures as part of the deal, given that he was elected on an anti-austerity programme.
Reports that Greece sent wrong letter to Eurogroup are imaginary, say gov't sources
Greece debt deal: Reforms will 'combat tax evasion'Greece will crack down on tax evasion and streamline its civil service in its bid to secure a bailout extension, minister of state Nikos Pappas says.The government is working on a package of reforms that it must submit to international creditors on Monday.If the reforms are approved, Greece will be granted a vital four-month extension on its debt repayments.Mr Pappas said the reforms being proposed would take the Greek economy "out of sedation"."We are compiling a list of measures to make the Greek civil service more effective and to combat tax evasion," he told Greece's Mega Channel.
Economist Paul Krugman has argued in his latest blog entry that Germany is trying to force the SYRIZA-led government in Greece to abandon its proclamations and stresses that German policy is “objectively pro-Grexit”.
I just wonder how Tsipras and Varoufakis will go about cracking down on tax evasion? I think its a case of wishful thinking on the part of lots of people. The Greeks will be in an even more reluctant frame of mind to declare their correct taxes when they realise Tsipras and Varoufakis have backed down on all their rhetoric, which they basically have; logically thats all they could do to remain in the EZ and prevent civil unrest! Interesting times ahead for the Greeks.
Quote from: argo on Sunday, 22 February, 2015 @ 16:58:57I just wonder how Tsipras and Varoufakis will go about cracking down on tax evasion? I think its a case of wishful thinking on the part of lots of people. The Greeks will be in an even more reluctant frame of mind to declare their correct taxes when they realise Tsipras and Varoufakis have backed down on all their rhetoric, which they basically have; logically thats all they could do to remain in the EZ and prevent civil unrest! Interesting times ahead for the Greeks.rather than "The Greeks being reluctant to declare their taxes", should read "people living in Greece"
According to Krugman, Germany are likely to reject anything and everything the Greek side proposes and I'm wondering if Tsipras et al are quietly hoping that's the case. They've (temporarily) given in on a lot of promises made to voters and could (honestly?) say they agreed to lots of concesions but Germany still gave 'em the shove. Unless there's consensus, for sure both sides will blame the other.
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