While Greece celebrated their Independence Day, Euro area finance ministers held a conference call Wednesday where they supposedly – according to Bloomberg – gave Greece until Monday to deliver specific plans for their reforms and refused Athens access to € 1.2 billion Greece had claimed was owed to them. Eurogroup Head Jeroen Dijsselbloem called for Greece to “act faster”. It looks like creditors are pushing Greece to the wall - forcing the country to cooperate.
Deposits are withdrawn from Greek banks in big volume these days. The ECB had to raise the ceiling for Emergency Liquidity Assistance to Greek banks to € 71 billion Wednesday.
So – not more than 5 days days to come up with plans they have not been able to deliver over a period of two months – five days for which it is likely Greek banks will need more emergency funding and five days for which the Greek parliament - where the majority has stated they have had enough of Euro area creditors, austerity, the troika and measures imposed on them, threatening Greece’ “independence”.
It is a lot to accomplish over a very short time and I have my doubts to whether they are going to make it, to creditors’ satisfaction, acceptable to their parliament and before all coffins are emptied, including the helping hand of the ECB.
It rained in Athens on Independence Day but there might be worse weather to come.
Deposits are withdrawn from Greek banks in big volume these days. The ECB had to raise the ceiling for Emergency Liquidity Assistance to Greek banks to € 71 billion Wednesday.
So – not more than 5 days days to come up with plans they have not been able to deliver over a period of two months – five days for which it is likely Greek banks will need more emergency funding and five days for which the Greek parliament - where the majority has stated they have had enough of Euro area creditors, austerity, the troika and measures imposed on them, threatening Greece’ “independence”.
It is a lot to accomplish over a very short time and I have my doubts to whether they are going to make it, to creditors’ satisfaction, acceptable to their parliament and before all coffins are emptied, including the helping hand of the ECB.
It rained in Athens on Independence Day but there might be worse weather to come.
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