How the world sees Greece
U.S. stocks advanced Monday as investors grew more optimistic that there would be a breakthrough in talks between Greece and its lenders. Stocks also got a boost from deal news in the health care and energy sectors.
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Greece has accepted the principle of extending its current bailout programme which expires at the end of the month so as to keep it afloat while a long-term debt solution is worked out, Greek government sources said Monday.
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Joost de Vries of Dutch newspaper Volkskrant has tweeted a page showing where the cuts and tax rises fall. And there’s a hefty increase in revenues from VAT over the next 18 months. Greece has also ...
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Graffiti on wall of abandoned house in Athens depicts car driving off a Euro sign into water. Photo: Yorgos Karahalis Democracy, with all its enormous benefits and unsettling drawbacks, was born in Greece. The least worst of government systems, as Winston ...
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The Nasdaq cracked a new intraday record and the S&P 500 came within eight points of an all-time closing high in trading on Monday. First, the scoreboard: Dow: 18,134.23, +118.28, (0.66%) S&P 500: 2,124.73, +14.74, (0.70%) Nasdaq: 5,157.31, +40.31, (0.79%) And now, the top stories on Monday: Investors are feeling hopeful about Greece and European stocks surged. Germany's DAX closed 3.8% higher and had its best one-day showing since August 2012. The Euro Stoxx 50, which serves as the main benchmark index for the eurozone, closed more than 4% higher. The Athens General Composite closed up 9%. Greece presented a last minute proposal of economic reforms on Monday which include early retirement schemes and VAT reforms. In a brief press conference, Eurogroup head Jeroen Dijsselbloem said the reforms were "broad and comprehensive." Greece is holding an emergency meeting with heads of state in Brussels to try and reach an agreement, ahead of the $8.2 billion-payment due to the IMF June 30. Existing home sales surged 5.1%, more than expected, to an annualized pace of 5.35 million in May. It was the fastest pace of sales since November 2009. It was the eighth straight month of year-over-year gains. In the release, Lawrence Yun, chief economist at the National Association of Realtors, wrote: "The return of first-time buyers in May is an encouraging sign and is the result of multiple factors, including strong job gains among young adults, less expensive mortgage insurance and lenders offering low downpayment programs." Anthem is not giving up on Cigna. On Monday, the health care company reiterated its offer to buy Cigna for $184 per share, just a day after Cigna turned it down. Cigna said the terms of the deal "woefully skewed in favor of Anthem shareholders." Anthem CEO Joseph Swedish argued the opposite in his statement today, noting that the deal would create about $2 billion in cost-saving synergies over the next two years. The five biggest health insurers are in a scramble for consolidation. They argue that mergers will help lower costs. Morgan Stanley has identified a "worrying sign" for oil prices in the fall on the Atlantic. In a note Monday, Adam Longson highlighted that there are tankers of oil sitting in the Atlantic Basin, even though demand is seasonally strong. "If there are this many challenged cargoes in this strong demand environment, we worry about the outlook for physical oil this fall when crude runs and gasoline demand fall seasonally," he wrote. North Sea and West African crude are waiting for buyers in the Atlantic basin; more supply from Libya and Iran looms. With unmatched demand, this could create volatile, possibly lower oil prices in the fall. Gold slipped back below the key $1,200 level and had its worst plunge in a month. The precious metal fell more than 1% to as low as $1,81.70 an ounce. Longson wrote in his note: "Lack of inflation, emerging financial stability in Europe, and robust economic activity in the US are all bearish for gold." Martha Stewart Living is selling to Sequential Brands. The deal is worth $400 million, and is an equally split cash and stock transaction paying $6.15 per share. Shares of Martha Stewart tanked 11% on the news; shares jumped as much as 23% last Thursday after the Wall Street Journal reported that a deal was in the works. Fitbit rallied more than 14% to a fresh high since its IPO last Thursday. The stock climbed to $40.45 a share, 33% higher than the opening price of $30.40, and 102% more than the IPO price of $20. DON'T MISS: BERNANKE: Treasury should do whatever it takes to keep Hamilton on the $10 bill »Join the conversation about this story » NOW WATCH: This simple exercise routine is the answer to working out when traveling
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It looks like Greece may finally be inching toward a bailout deal after weeks of stalemate. Greece's economy minister Girogos Stathakis presented the country's new proposals, submitted over the weekend, as a masterstroke in an interview with the BBC's Robert Peston on Monday. Stathakis' interpretation of the day's events make it seem like a major victory for Greece. The austerity measures that European lenders have demanded appear to come through further tax on business and the wealthy (the government's preferred methods), while there will be no more pension or public sector wage cuts. Stathakis suggests there will be some increases on the VAT applied to certain items, but totemic ones like electricity will be exempt. All this without crossing the government's "red lines" — commitments it made before being elected. Still, the Eurogroup meeting of finance ministers broke up on Monday without a formal agreement, since they didn't have enough time to mull the proposals from Athens. That means there isn't likely to be a deal Monday night at the emergency summit of European leaders either. But even the usually stern Eurogroup chief, Jeroen Dijsselbloem, agreed that the proposals from Greece were a "basis to restart the talks" and a "positive step." Greek markets are looking at the prospect of a deal with confidence too: Athens stocks rallied by 9% today, with banking stocks up by 20%: The country wants to unlock the last portion of its bailout agreement, worth €7.2 billion ($8.2 billion, £5.16 billion). The country's international creditors want to see further fiscal austerity and structural economic reforms before it hands over the money, but the governing Syriza party was elected in large part because of its opposition to those measures. Finance minister Yanis Varoufakis said the country is heading towards a deal — but it's not the first time he's said that. There are two major questions about today's events: Firstly, if a compromise was this easy, why did it take so long in the making? Why did the positions seem so entrenched just a few short days ago, if this deal was possible? And secondly, who's given in on what? It all looks like a masterstroke of diplomacy at the moment, but it remains to be seen what sort of deal can actually satisfy both Tsipras' party's hardliners and Germany's governing centre-right party. Robert Kuenzel of Daiwa Capital Markets expressed some scepticism about the details of the Greek proposal in a note Monday afternoon: A key aspect of Greece’s latest offer is its apparent quid-pro-quo nature, whereby Greece expects some form of debt relief in return, and probably without further strings attached. That is not likely to find a favourable response from creditors who are currently in the process of defining a list of “prior actions” – i.e. policy measures requiring implementation before a disbursement of new funds to Greece can be considered. Barclays strategics George Saravelos outlines what the next steps are politically, showing how many potential pitfalls are still left: It is likely that the Greek PM would first attempt to obtain approval from the SYRIZA party's 200-strong Central Committee before bringing an agreement to parliament. In the event of failure at the party level, a referendum would likely be called. In the event of party approval, a vote would be likely taken to the parliamentary floor. Depending vote may take between 2 days to a week. Recall that at the end of May Tsipras managed to halt an internal party attempt to undermine his negotiating stance, but only by 95 to 75. Only a handful of minds need to change against the Prime Minister for him to lose another vote. And if he manages it, he's still got his own parliamentarians to convince. Here's Saravelos again: It will remain a major challenge for the Greek PM to successfully pass a potential agreement through parliament. Local press reports that 10-40 SYRIZA MPs are likely to dissent (the government has an 11 MP majority), while overnight the Independent Greeks junior coalition partner (12 MPs) has also raised the possibility of withdrawing from government. How the political process plays out largely depends on the number of MPs the current government loses. A loss of less than thirty parliamentarians may force a change in coalition to include the two small moderate parties in parliament (PASOK and the River) jointly controlling 30 MPs. More substantial losses requiring the support of major opposition party New Democracy would open up the possibility of broader changes to the government or a referendum. A referendum wouldn't be quick — the deadline for the June 30 International Monetary Fund (IMF) payments would almost certainly be missed in that scenario, and it would likely push right up against the July 20 payment due to the European Central Bank (ECB).Join the conversation about this story » NOW WATCH: This 1998 supercar could auction for $15 million
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The ministers agreed to reconvene later this week, after Greece has thrashed out details with its international creditors
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Foreign Affairs editor Gideon Rose, speaking on “Bloomberg Surveillance” about the Greek economy, said that Greece’s current collapse is worse compared to the Great Depression, the deep and long-lasting economic downturn that began soon after the stock market crashed in October 1929, sending Wall Street into a panic and wiping out millions of investors. “Lot of the help has gone towards helping bankers, not helping ordinary Greeks,” Rose commented regarding the fact that Greece’s GDP continues to roll over a massive ugly inflation during the last few years. He continued urging Europeans to give the Greek people a sense that their future can be better in order to be able to prevent anger, which is now “driving a lot of things.” Rose also revealed that there will be volatility if Greece leaves the euro, and in order to avoid such a scenario Europe should loosen things up so that the Greek economy can go forward “without getting locked in the same straight jacket of austerity.” “The key thing about the depression is for western leaders to recognize that in order to save capitalism, they should give democratic population a sense of security and stability without letting markets run rampant,” the Foreign Affairs editor added.
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Greek Police arrested a 49-year-old manager of a local lender’s branch in western Attica last Friday, accused of stealing his clients’ funds and developing a bogus investment scheme. The suspect is currently detained on charges of fraud and forgery, violation of tax legislation, money laundering and weapons possession. The bank manager persuaded his customers to place their funds in a special investment program account that, according to him, would safeguard their money in case of a Greek deposits “haircut” and a “Grexit.” The 49-year-old suspect’s illegal activities are said to have started in 2013, having scammed 4 unsuspecting clients of a total of over 1 million euros. During the scrupulous search of the suspect’s residence and car, police found and seized the sum of 56.045 euros, nine weapons, many deposit books, cards, as well as documents belonging to third parties.
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Thousands of Greeks opposing to the country’s exit from the Eurozone gathered outside the Greek Parliament on Monday to raise their voice against the “war of propaganda against the IMF” and make sure that Prime Minister Alexis Tsipras and the rest of the Greek government will not lead the country to a financial abyss. This came just a day after another big rally on Sunday, which was essentially opposed to any form of austerity measures and public spending cuts. In great contrast to past rallies in Athens’ Syntagma Square leading to violent protesting, today’s gathering was considered peaceful despite the fact that many protesters are desperate with the current financial situation. Interestingly, along the attendees who demonstrated in favor of Greece’s stay in the common currency bloc, one could find both cabinet Ministers and opposition lawmakers.
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A new proposal by Greek Prime Minister Alexis Tsipras drew a rare positive nod from European officials ahead of marathon talks on Monday, setting off a rally in Greek assets. Three senior officials said there had been a mix-up with the documents sent to ...
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A new proposal by Greek Prime Minister Alexis Tsipras drew a rare positive nod from European officials ahead of marathon talks on Monday, setting off a rally in Greek assets. Three senior officials said there had been a mix-up with the documents sent to ...
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Europe is sweating the details on Greece. But it is also indulging in big-picture thinking. The two issues are virtually inseparable. Monday's meeting of ...
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Continue reading...
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EU welcomes Greek reform offer to avert default. * European stocks jump on Greek talks progress. * Gold drops as dollar rises on Greek deal hopes ...
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Creditors view new Greek proposals on pensions and VAT as the most positive move yet in five months of wranglingHopes of a deal that would spare Greece from a looming debt default and possible exit from the single currency rose sharply on Monday after the country’s European partners welcomed proposals from Athens to cut its pension bill and raise extra money from VAT.In what was seen in Brussels as the most positive development since negotiations began five months ago, the leftwing government of prime minister Alexis Tsipras showed a willingness to give ground on the two issues that have left it at odds with its creditors. Related: Greece's day of destiny turns to farce with phantom eurozone summit Continue reading...
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ECB to discuss liquidity assistance again on Tuesday as it keeps Greeks banks on drip feed
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Proposal includes new taxes and payments that would save €545m this year and €1.86bn next year
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Depth of economic problems means Athens will rely on EU and IMF for years to come
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Greek Finance Minister Yanis Varoufakis, left, speaks with Irish Finance Minister Michael Noonan at the start of the annual meeting of the European Stability Mechanism Board in Luxembourg on Thursday, June 18, 2015. German Chancellor Angela Merkel is ...
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Athens’ fate may soon be determined regardless as despite no breakthrough and another wrong paper fiasco, proposals were welcomed as ‘detailed and credible’Greece’s date with destiny started with its upstart prime minister, Alexis Tsipras, being slapped on the face. It is the customary gesture of endearment from Jean-Claude Juncker, president of the European commission. It means the two men are friends, despite Juncker saying at the weekend he no longer trusted Tsipras.And the day that was supposed to arrest Greece’s collapse into bankruptcy, and prevent the euro’s diminution, ended more than 12 hours later on Monday evening with the bizarre spectacle of a phantom summit. Related: Eurozone creditors raise hopes of Greek bailout deal Membership Event: Guardian Newsroom: Can Greece be saved? Related: Crisis is the new normal for weary Greeks Continue reading...
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The single currency has driven down wages across the continent and hit workers in its leading economy the hardestNearly every discussion of the Greek fiasco is based on a morality play. Call it Naughty Greece versus Noble Europe. Those troublesome Greeks never belonged in the euro, runs this story. Once inside, they got themselves into a big fat mess – and now it’s up to Europe to sort it all out. Related: Eurozone creditors raise hopes of Greek bailout deal This isn’t about creating a deeper democracy, but deeper markets – and the two are increasingly incompatible Related: Tsipras of Athens – a gripping drama entering its final act | Larry Elliott Continue reading...
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Here is a look at the key issues in talks between Greece and its international lenders critical to stave off default and a Eurozone exit. The post A Guide to Greece’s Bailout Woes appeared first on The National Herald.
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VAT hikes and pension changes were once non-negotiable for Athens – now they look like they are on the tableLike a husband forgiven for countless infidelities, Greek leader Alexis Tsipras is back in Brussels with a wink and a smile and yes, another kiss and make-up proposal. Only this time, it looks like the marriage is saved. Tsipras has for the first time in several months taken the time to consider the concerns of his partners and rather than simply demanding solidarity, he has put together a plan to patch things up. Related: Tax matters - Greece bailout deal hinges on collection rates Continue reading...
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With seemingly never-ending panic over ‘last-ditch’ talks, many have deadline fatigue and think long-term solutions are out of reachAs the “last-chance” talks rolled on towards another “last-ditch” summit possibly at the end of this week, weary Greeks have deadline fatigue. “Unfortunately, we’ve become hardened and accustomed to all this, including the never-ending talks,” said Christos Griogoriades, a physics and IT teacher in Greece’s northern second city of Thessaloniki.This crisis has gone on for years and, for my generation, it feels like it’s going to go on forever Membership Event: Guardian Newsroom: Can Greece be saved? Related: Creditors offer Greece six-month bailout reprieve as Tsipras weighs response Continue reading...
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Greece on Monday kept alive hopes of an eleventh-hour deal with its creditors to avoid default after it presented its first substantial concessions in months of fruitless negotiations.The Greek’s government’s proposals came too late, and lacked sufficient detail, to ...
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European leaders are due to hold an emergency meeting on Greece's debt crisis on Monday, but after months of talks variously described as "crucial", ...
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Anand Menon is Director of the UK in a Changing Europe initiative based at King's College London. Follow him on Twitter @anandmenon1 The views ...
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Taoiseach Enda Kenny has said that a deal on the Greek crisis is needed within the coming days but he played down the possibility of a definitive agreement at Monday night’s summit. Arriving in Brussels, Mr Kenny said he hoped there would be a conclusion ...
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By Deepa Babington ATHENS (Reuters) - Thousands rallied in front of the Greek parliament on Monday to show support for Athens's place in the euro zone as leaders of the single-currency bloc gathered in Brussels to discuss the cash-strapped country's fate. The pro-euro rally, the second such demonstration in a week, came a day after an anti-austerity protest in support of Prime Minister Alexis Tsipras's hard line stance towards creditors that has pushed Greece to the brink of bankruptcy. "It's been a long time that we've been in negotiations and I feel we've been sending mixed signals to the world," said 30-year-old project manager Panagiota Kaltsa at the rally.
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The Greek deal is "broad and comprehensive," he said, but EU ministers need to study the details before reaching an agreement, Dijsselbloem said in ...
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What has it done and what more does it need to do?
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It looks like Greece may finally be inching toward a bailout deal after weeks of stalemate. Greece's economy minister Girogos Stathakis presented the country's new proposals, submitted over the weekend, as a masterstroke in an interview with the BBC's Robert Peston on Monday. Stathakis' interpretation of the day's events make it seem like a major victory for Greece. The austerity measures that European lenders have demanded appear to come through further tax on business and the wealthy (the government's preferred methods), while there will be no more pension or public sector wage cuts. Stathakis suggests there will be some increases on the VAT applied to certain items, but totemic ones like electricity will be exempt. All this without crossing the government's "red lines" — commitments it made before being elected. Still, the Eurogroup meeting of finance ministers broke up on Monday without a formal agreement, since they didn't have enough time to mull the proposals from Athens. That means there isn't likely to be a deal Monday night at the emergency summit of European leaders either. But even the usually stern Eurogroup chief, Jeroen Dijsselbloem, agreed that the proposals from Greece were a "basis to restart the talks" and a "positive step." Greek markets are looking at the prospect of a deal with confidence too: Athens stocks rallied by 9% today, with banking stocks up by 20%: The country wants to unlock the last portion of its bailout agreement, worth €7.2 billion ($8.2 billion, £5.16 billion). The country's international creditors want to see further fiscal austerity and structural economic reforms before it hands over the money, but the governing Syriza party was elected in large part because of its opposition to those measures. Finance minister Yanis Varoufakis said the country is heading towards a deal — but it's not the first time he's said that. There are two major questions about today's events: Firstly, if a compromise was this easy, why did it take so long in the making? Why did the positions seem so entrenched just a few short days ago, if this deal was possible? And secondly, who's given in on what? It all looks like a masterstroke of diplomacy at the moment, but it remains to be seen what sort of deal can actually satisfy both Tsipras' party's hardliners and Germany's governing centre-right party. Robert Kuenzel of Daiwa Capital Markets expressed some scepticism about the details of the Greek proposal in a note Monday afternoon: A key aspect of Greece’s latest offer is its apparent quid-pro-quo nature, whereby Greece expects some form of debt relief in return, and probably without further strings attached. That is not likely to find a favourable response from creditors who are currently in the process of defining a list of “prior actions” – i.e. policy measures requiring implementation before a disbursement of new funds to Greece can be considered. Barclays strategics George Saravelos outlines what the next steps are politically, showing how many potential pitfalls are still left: It is likely that the Greek PM would first attempt to obtain approval from the SYRIZA party's 200-strong Central Committee before bringing an agreement to parliament. In the event of failure at the party level, a referendum would likely be called. In the event of party approval, a vote would be likely taken to the parliamentary floor. Depending vote may take between 2 days to a week. Recall that at the end of May Tsipras managed to halt an internal party attempt to undermine his negotiating stance, but only by 95 to 75. Only a handful of minds need to change against the Prime Minister for him to lose another vote. And if he manages it, he's still got his own parliamentarians to convince. Here's Saravelos again: It will remain a major challenge for the Greek PM to successfully pass a potential agreement through parliament. Local press reports that 10-40 SYRIZA MPs are likely to dissent (the government has an 11 MP majority), while overnight the Independent Greeks junior coalition partner (12 MPs) has also raised the possibility of withdrawing from government. How the political process plays out largely depends on the number of MPs the current government loses. A loss of less than thirty parliamentarians may force a change in coalition to include the two small moderate parties in parliament (PASOK and the River) jointly controlling 30 MPs. More substantial losses requiring the support of major opposition party New Democracy would open up the possibility of broader changes to the government or a referendum. A referendum wouldn't be quick — the deadline for the June 30 International Monetary Fund (IMF) payments would almost certainly be missed in that scenario, and it would likely push right up against the July 20 payment due to the European Central Bank (ECB).Join the conversation about this story » NOW WATCH: This 1998 supercar could auction for $15 million
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The heads of state and governments of the eurozone’s 19 member states are discussing the ways of preventing Greece’s default at an extraordinary summit
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Eurozone finance ministers sounded positive after Athens submitted new proposals that would raise some taxes and cut costs by adjusting pensions.
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The eurozone finance ministers failed to reach an agreement ahead of a crucial crisis summit tonight (June 22). The Greek proposals came too late to reach a deal, explained the chair of the Eurogroup, Jeroen Dijsselbloem, but talks will continue to get to an agreement at last during the EU summit scheduled for the end […]
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Agreement with creditors relies not just on reformed tax rates but collection rates with Athens losing 6% more of GDP to evasion than OECD peersAt the heart of the proposals submitted to Brussels by the Greek government on Monday – and central to the disagreements remaining between Athens and its creditors – is the issue of tax.According to reports circulating in Athens, the government offer to negotiators includes corporation tax increases on companies with profits over €500,000 (£359,000) and additional income tax for individuals with annual earnings of more than €30,000. Continue reading...
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Investors buoyed by encouraging signs from eurozone ahead of key summitLeading shares enjoyed their best day since the UK general election result on growing hopes of a Greek deal and a smattering of takeover talk.Ahead of summit of EU leaders, there were slightly more positive signs that Greece and its creditors may be edging closer to an agreement, although nothing concrete has yet been decided. What was labelled as yet another crunch day to prevent Greece falling into the financial abyss has so far been another case of hoping for a deal within the next few days, but at least the mood music seems more positive.According to the Washington Post, the US army believes it has paid up to $44m too much for its purchases. BAE Systems issued a press release denying any wrongdoing.If the US Army wins this case under the False Claim Act, it would lead to damages of up to $132m for BAE (triple the overcharging) and civil fines of $5,500-$11,000 per false claim (unknown number). This would represent a charge of 4p per share (3p post tax), notwithstanding the unquantifiable civil fine. The settlement of this case will take some time, as it is likely that BAE Systems would appeal any unfavorable ruling.The company is however aware of reports that Quob Park Estates has been buying shares in the company, and confirms that it has received no notification of an interest in shares from this vehicle and has had no contact with it. Continue reading...
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Without an agreement a Greek exit from the euro could be confirmed as early as tonight, sparking economic and political meltdown with far-reaching effects. In a final showdown over the fate of Greece, Europe's most powerful figures have descended on ...
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So the eurogroup finance ministers allegedly discussed also about imposing Capital Controls in Greece. Custom is that nobody speaks openly about Capital Controls in advance, but suddenly sends banks to “holidays” to the increase the surprise effect and prohibit bank runs. However the Belgian Finance Minister could not keep the […]
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Hopes have been raised that after five months of deadlock a deal is at last coming into view possibly ... (maybe) Continue reading...
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Mountain of arrears build up that will take months, if not years, to settle
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LONDON (Reuters) - Prime Minister David Cameron is determined to use this week's European Union summit to move talks on reforming Britain's ties with the bloc onto the "next phase" despite the Greek crisis, his spokeswoman said on Monday.
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7:15 p.m. (1715 GMT, 1:15 p.m. EDT)
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The plight of the Greek economy has been devastating, but it has also led to a flowering of civil society. Here two young activists look at five new initiativesEmfasisThe Emfasis Foundation, founded in April 2013, is an initiative that aims to help homeless people. Emfasis teams go out in the streets at night in some of the more dangerous parts of Athens. The volunteers get to know the homeless and build a relationship based on trust. Related: Changing the game for street children: three days to get it right Related: Greek crisis: episodes of despair and drama as moment of truth nears Vouliwatch Related: Do banks matter in developing countries? Continue reading...
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By Li-mei Hoang LONDON (Reuters) - Security services group G4S has drawn up plans with Greece's central bank to keep the country's cash machines stocked in the event of a full-blown economic crisis, the company told Reuters on Monday. Andreas Paterakis, the head of southern Europe for G4S, also said the Britain-based company stored cash for a handful of major businesses last week as fears grew about the stability of Greek banks. "Tuesday, Wednesday and Thursday were critical, really critical," he said, referring to withdrawals of cash from Greek banks.
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A street vendor sells Greek and EU flags before an upcoming demonstration by Greeks calling on the government to clinch a deal with its international ...
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By Li-mei Hoang LONDON (Reuters) - Security services group G4S has drawn up plans with Greece's central bank to keep the country's cash machines stocked in the event of a full-blown economic crisis, the company told Reuters on Monday. Andreas Paterakis, the head of southern Europe for G4S, also said the Britain-based company stored cash for a handful of major businesses last week as fears grew about the stability of Greek banks. "Tuesday, Wednesday and Thursday were critical, really critical," he said, referring to withdrawals of cash from Greek banks.
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Eurozone finance ministers failed to reach agreement on Greece at the meeting on Monday, with a new round of talks expected to be held over the next few days. “The Eurogroup broadly welcomed a new version of the reform plan submitted by the Greek authorities this morning, before the Eurogroup meeting, and considered it to be a positive step in the process,” the Eurogroup said in a statement. “The Eurogroup asked the institutions (the European Commission, the European Central Bank and the International Monetary Fund) to start analysing the new proposal and together with the Greek authorities work out a list of prior actions with a view to reaching a final agreement on the reform plan later this week,” the press release stated, informing that the Eurogroup could hold another meeting this week. The meeting was plagued by confusion as it turned out that Greece had sent two versions of its latest proposals to creditors early on Monday morning, thereby allowing technical experts too little time to prepare in-depth assessments and submit them to finance ministers, according to EUObserver. Speaking after the meeting, Eurogroup Chief Jeroen Dijsselbloem admitted that there had been two versions, adding that Dijsselbloem described the proposals as “broad and comprehensive”, adding that the creditors had said that they were a basis for negotiations. Meanwhile, Greece will also be on the agenda of a summit of EU leaders on Monday evening.
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Global markets are set for some wild swings once a final decision is made on a Greece debt deal.
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