Author Topic: 'Grexit' still possible  (Read 1269 times)

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Offline Mary

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'Grexit' still possible
« on: Tuesday, 17 February, 2015 @ 11:58:02 »
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Greece bailout talks break down after Athens rejects 'unacceptable' eurozone demands

Creditors present ultimatum as finance minister insists other members must water down austerity conditions if country is to reach ‘honourable agreement’

Talks between Greece and its eurozone creditors collapsed in disarray on Monday night, heightening concerns that the country is edging closer to a disruptive exit from the single currency.

The breakdown of discussions in Brussels over the Greek bailout programme appeared to leave both sides as far apart as ever, although eurozone finance ministers said a last-ditch summit could be held on Friday.

However, the Greek delegation was told in no uncertain terms that talks would recommence only if the country was willing to extend its bailout package, which carries a list of austerity measures that the new left-wing government in Athens has vowed to pare back.

Effectively presenting Greece with an ultimatum, the eurogroup of eurozone finance ministers said Athens had until Friday to agree to maintain the current bailout under the auspices of the European Union, the European Central Bank and the International Monetary Fund – something that Greece has said is unacceptable.

Greece’s finance minister, Yanis Varoufakis, made it clear in the acrimonious discussions in Brussels on Monday that Greece would not accept prolonging the bail out for six months unless the other 18 members of the eurozone agreed to water down the austerity conditions attached to the deal.
http://www.theguardian.com/world/2015/feb/16/greece-fails-rescue-package-eurozone-finance-ministers