Sunday, May 31, 2015

With Default Looming A Sense of Panic And Chaos Is Growing in Greece

Financial Times: Tsipras accuses bailout monitors of making ‘absurd’ demands

Greece’s chances of striking a deal to access a much-needed €7.2bn in rescue aid looked even bleaker on Sunday after Alexis Tsipras, prime minister, accused bailout monitors of making “absurd” demands and seeking to impose “harsh punishment” on Athens.

Mr Tsipras’s accusations, made in Le Monde newspaper, came only days after his government claimed an agreement was imminent. They have increased the sense of chaos around negotiations in the week many believe a deal is needed to avoid a Greek default.

On Friday, Athens is scheduled to make a €300m loan repayment to the International Monetary Fund that is being closely watched by creditors after some Greek ministers hinted that it might not be met without bailout aid. A further €1.2bn of IMF payments fall due over the subsequent two weeks.

WNU Editor: What is very telling to me is the massive outflow of money that is now occurring by depositors who want their money out of Greek banks .... Greek Bank Run Continues; Greek Domestic Deposits Lowest In Decade (Forbes). If the Greeks themselves do not have confidence in their country ... why should outside creditors. AS I have said more than once .... this is not going to end well.

More News On The Greek Debt Crisis

Greece, creditors agree on need for quick deal as talks continue -- Reuters
Alexis Tsipras lambasts 'absurd proposals' for Greece debt-deal failure -- The Guardian
Greece's Tsipras attacks creditors over 'absurd' reforms -- AFP
Greece’s Endgame Nears as Tsipras Warns Bell May Toll for Europe -- Bloomberg
Little Progress On Greece Rescue Talks; Agreement Failing Over The Same Old Things -- Forbes
Whether Greece does a deal or defaults, the prospects seem equally grim -- The Guardian

No comments: