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Greek debt crisis: Eurozone leaders mull demands as Athens imposes new laws and commits to privatisation | |
(34 minutes later) | |
Eurozone leaders are considering demands that Athens enact reforms to re-establish 'lost trust' before talks on a new rescue package can get under way. | Eurozone leaders are considering demands that Athens enact reforms to re-establish 'lost trust' before talks on a new rescue package can get under way. |
Angela Merkel, the German chancellor, warned that talks would be tough, saying that "the most important currency has been lost: that is trust and reliability". | Angela Merkel, the German chancellor, warned that talks would be tough, saying that "the most important currency has been lost: that is trust and reliability". |
The proposed conditions include putting in place new laws by Wednesday; tough labour market and tax reforms; and a commitment to privatisation, according to Alex Stubb, the Finish finance minister. | The proposed conditions include putting in place new laws by Wednesday; tough labour market and tax reforms; and a commitment to privatisation, according to Alex Stubb, the Finish finance minister. |
He said the eurogroup ministers had drafted a "very ambitious proposal and report" for the leaders to debate. | He said the eurogroup ministers had drafted a "very ambitious proposal and report" for the leaders to debate. |
The proposals follow two-days of discussions by ministers in the 19-member eurogroup. | The proposals follow two-days of discussions by ministers in the 19-member eurogroup. |
The heads of state picked up the baton at an emergency summit on Sunday, after the eurogroup discussions came to a close. | The heads of state picked up the baton at an emergency summit on Sunday, after the eurogroup discussions came to a close. |
Jeroen Dijsselbloem, the head of the eurogroup, said: "We've come a long way but a couple of big issues are still open so we're going to put it to the government leaders and it's up to them." | Jeroen Dijsselbloem, the head of the eurogroup, said: "We've come a long way but a couple of big issues are still open so we're going to put it to the government leaders and it's up to them." |
A split appears to have developed between France and Germany, with Germany, backed by the more fiscally conservative eurozone members, taking a firmer line. | A split appears to have developed between France and Germany, with Germany, backed by the more fiscally conservative eurozone members, taking a firmer line. |
Schulz said the 'broad majority' in the European parliament did not view 'Grexit' as an option A German proposal for Greece to take a temporary "time-out" from the euro appeared to be dismissed by Francois Hollande, the French president, who said Greece was either in or out of the euro. | Schulz said the 'broad majority' in the European parliament did not view 'Grexit' as an option A German proposal for Greece to take a temporary "time-out" from the euro appeared to be dismissed by Francois Hollande, the French president, who said Greece was either in or out of the euro. |
Martin Schulz, the president of the European parliament, also told a media conference that the "broad majority" of his colleagues in the parliament "subscribe to the view that Grexit is not an option". | Martin Schulz, the president of the European parliament, also told a media conference that the "broad majority" of his colleagues in the parliament "subscribe to the view that Grexit is not an option". |
Germany has also proposed the transfer of €50bn of Greek state assets into a fund to be managed by an external agency. | Germany has also proposed the transfer of €50bn of Greek state assets into a fund to be managed by an external agency. |
As the talks continue Greece is struggling to avoid financial chaos. | As the talks continue Greece is struggling to avoid financial chaos. |
A €60 per day limit on cash machine withdrawals has been in place since June 28 and Greek banks have been closed for two weeks. | A €60 per day limit on cash machine withdrawals has been in place since June 28 and Greek banks have been closed for two weeks. |
Greeks rejected an earlier bailout and its attached austerity conditions in a referendum this month, but a new proposal by Prime Minister Alexis Tsipras appeared largely in line with the creditors' initial proposals. | Greeks rejected an earlier bailout and its attached austerity conditions in a referendum this month, but a new proposal by Prime Minister Alexis Tsipras appeared largely in line with the creditors' initial proposals. |