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Greek debt crisis: Eurozone finance ministers warn Tsipras may have to compromise further as they arrive for key Brussels talks Greek debt crisis: Eurozone finance ministers warn Tsipras may have to compromise further as they arrive for key Brussels talks
(35 minutes later)
Finance ministers from the 19-country eurozone are arriving in Brussels for a crucial meeting that could determine whether Greece can retain its place in the euro. Eurozone ministers have warned that Greece is still "far away" from being handed another bailout as they arrive in Brussels to discuss the the debt-ridden country's new reform proposals.
They come knowing that the Greek parliament has overwhelmingly passed a package of reform and austerity measures that the Alexis Tsipras' government hopes will convince creditors to grant his country a three-year bailout. Greek prime minister Alexis Tsipras is applauded by lawmakers before addressing his parliamentary group meeting at the Greek Parliament in Athens They came knowing that the Greek parliament has overwhelmingly passed a package of reform and austerity measures that the Alexis Tsipras' government hopes will convince creditors to grant his country a three-year bailout.
The response to the proposals appears to have assuaged some concerns in Europe but it appears Greece will still have to do more. The Prime Minister warned that his country was facing a "minefield" of negotiations after promising tax hikes and spending cuts that have angered voters who rejected similar austerity measures in a referendum just days ago. Greek prime minister Alexis Tsipras is applauded by lawmakers before addressing his parliamentary group meeting at the Greek Parliament in Athens
A source close to the negotiations said international creditors have found the Greek package “under certain conditions ... as a basis for discussion.” The official, who spoke on condition of anonymity because of the sensitivity of the talks, says creditors were still looking for stronger commitments and more urgent action on several issues. His new proposals appears to have assuaged some concerns in Europe but it appears Greece will still have to do more.
Eric Wiebes, who represents the Dutch government at meetings of eurozone finance ministers, says Greece still has a way to go to regain the trust of its peers having failed to deliver many commitments that were part of the country's previous bailout packages. Eric Wiebes arrives ahead of the meetings A source close to the negotiations said international creditors have found the Greek package “under certain conditions...as a basis for discussion”but creditors were still looking for stronger commitments and urgent action on several issues.
Arriving for a meeting in Brussels, Wiebes said he, and others, are "very worried" about the Greek government's commitment to reform. Jeroen Dijsselbloem, the Eurogroup president and Dutch finance minister, said: "We are still far away. It looks quite complicated. On both content and the more complicated question of trust, even if it's all good on paper the question is whether it will get off the ground and will it happen.
Spain's Prime Minister Mariano Rajoy told reporters the new aggreement "will be worse than the previous one". "So I think we are facing a difficult negotiation." Eurogroup's President Jeroen Dijsselbloem arrives at a special Eurogroup meeting at the Lex building in Brussels
He said Greece would have to "listen" to EU ministers and institutions in the hated "Troika", asking "Can the Greek Government can be trusted to do what they are promising, to actually implement in coming weeks, months and years?"
The Irish finance minister, Michael Noonan, said that Greece must begin implementing the proposals immediately if it is to succeed, and that the most recent developments would have been far more welcome if they had happened earlier in the year.
Spain's Prime Minister Mariano Rajoy told reporters the new agreement "will be worse than the previous one".
New agreement with #Greece "will be worse than the previous one", says Spain's PM Mariano Rajoy #GreciaNew agreement with #Greece "will be worse than the previous one", says Spain's PM Mariano Rajoy #Grecia
The Netherlands' state secretary pointed to the fact that many of the reform proposals that the Greek government got through parliament today were similar to those rejected overwhelmingly in a referendum just six days ago. Christine Lagarde, the managing director of the IMF, sounded a more positive note on her arrival, saying: "I think we are here to make a lot more progress."
"We are discussing a proposal that is very similar to the proposal that was rejected massively less than a week ago," said Wiebes, who represents the Netherlands because the country's finance minister, Jeroen Dijsselbloem, is president of the eurogroup. Eurogroup's President Jeroen Dijsselbloem arrives at a special Eurogroup meeting at the Lex building in Brussels Eric Wiebes, the Netherlands' state secretary, pointed to the fact that many of the reform proposals that the Greek government got through parliament late last night were similar to those rejected in a referendum six days ago.
"We are discussing a proposal that is very similar to the proposal that was rejected massively less than a week ago," he added.
Mr Tsipras earlier said his government had made mistakes during its six-month tenure but insisted the latest proposal contains measures that would help the economy and, if approved, unlock sufficient financing for the country to end its its crisis and tackle its massive debt.Mr Tsipras earlier said his government had made mistakes during its six-month tenure but insisted the latest proposal contains measures that would help the economy and, if approved, unlock sufficient financing for the country to end its its crisis and tackle its massive debt.
Earlier reports suggested that Greece may need up to €84bn in relief, rather than the €53bn package that it has outlined. Previous reports suggested that Greece may need up to €84 billion (£38 billion) in relief, rather than the €53 billion package that it has outlined.
“There is no doubt that for six months now we've been in a war,” the Prime Minister said, adding that his government had lost some “difficult battles”.“There is no doubt that for six months now we've been in a war,” the Prime Minister said, adding that his government had lost some “difficult battles”.
“Now I have the feeling we've reached the boundary line,” he added. “From here on there is a minefield, and I don't have the right to dismiss this or hide it from the Greek people.” “Now I have the feeling we've reached the boundary line,” he added. “From here on there is a minefield, and I don't have the right to dismiss this or hide it from the Greek people.” Greeks have been queuing to withdraw cash from their banks
On arriving in Brussels, the usually outspoken Finnish finance minister Alexander Stubb did not address journalists. Finnish Finance Minister Alexander Stubb arrives for the meeting of eurozone finance ministers at the EU LEX building in Brussels Sparking concerns over the stability of the embattled Greek government, 10 members abstained or voted against the reforms, including energy minister Panagiotis Lafazanis, deputy labour minister Dimitris Stratoulis and the speaker of parliament, Zoe Constantopoulou.
Noonan: It would have been better if what's happening now had happened in February. A lot of damage done in the meantime. #Greece "The government is being totally blackmailed to acquiesce to something which does not reflect what it represents," Ms Constantopoulou said.
The Irish finance minister, Michael Noonan, said that Greece must begin implementing the proposals immiediately if it is to succeed, and that the most recent developments would have been far more welcome if they had happened earlier in the year. Irish Finance Minister Michael Noonan arrives for the start of a special Eurogroup Finance ministers meeting on the Greek crisis If a deal is not struck, Greek banks could run out of money and the country could be forced to leave the Euro.
Banks are already closed, with a €60 (£43) daily limit imposed on cash machine withdrawals that has been in place since 28 June, and anti-austerity protesters gathered outside Parliament as last night’s vote was taken.
The package would bring in 23 per cent unified VAT, scrap tax breaks for wealthy islands, hike taxes for shipping companies, phase out a “solidarity grant” for pensioners, privatise ports and telecoms and slash defence spending.