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European leaders agree deal that could keep Greece in single currency – Wales
As they headed into further talks Sunday morning, Greece’s European creditors sought to narrow their differences with Athens, saying they were working hard on a resolution to the financial crisis.
Then Eurogroup finance ministers would meet again on Friday or at the weekend to formally launch the negotiations. Greece’s negotiators head to Brussels on Saturday ar…
Tsipras reportedly failed in one of his other last attempts at resistance: to bar the International Monetary Fund from an oversight role in any forthcoming new assistance.
If the talks do not succeed, some eurozone leaders have warned that Greece could be temporarily forced out of the euro, which the country has been a part of since 2002.
In a tweet, Tusk said the European bailout program for Greece includes “serious reforms” and “financial support”. “We are trying to find solutions”, said the source, adding negotiations had to begin swiftly as Greece was running out of cash.
Asselborn made the comments after the German finance ministry proposed that Greece take a five-year “Grexit” from the euro system. The European Central Bank might also rule on whether to increase its emergency funding to Greece’s banks, which have been closed for two weeks.
Its banks have been shut for two weeks, and cash withdrawals are capped.
“The money will be used to deal with debts to reduce debts, also it will be used for the repayment or recaplisation of banks”, he said.
“We don’t have a deal because two big issues remain open – the IMF role and the Luxembourg 50 billion euro fund”, the Greek official said on condition of anonymity.
ALL 28 leaders, including David Cameron, had been expected to attend Sunday’s meeting in Brussels, but now talks will be confined to politicians from the eurozone countries.
Additionally, Greece would have to lay out a timetable detailing measures to: introduce product market reforms, privatize the electricity transmission network, eliminate political interference and overhaul non-performing loans.
Greece must start to implement tough reforms as early as next week in exchange for a bailout to keep it in the euro, according to proposals drawn up by finance ministers for a eurozone summit on Sunday.
But Germany is insisting on austerity and for the Greeks to accept the reality of their battered economy.
Speaking at the summit in Brussels, Greek PM Alexis Tsipras said: “I’m here ready for an honest compromise”.
Divisions appeared to be growing among European leaders.
Greek Prime Minister Alexis Tsipras, right, speaks with German Chancellor Angela Merkel, left, and French President Francois Hollande. “And that I do not want”.
The leaders are firmly focused on “plan A” that involves Greece living up to its obligations and staying in the euro, a European official who is close to the negotiations said. Traditionally, eurozone ministers agree by mutual consensus, though in exceptional circumstances a unanimous vote may not be needed.