(VI) Your moment has come, Mr. Tsipras, take back control of your country and leave the Euro – Vid / Eurozone crisis: Greek MPs back new bailout deal but euro fate lies with doubtful Germany
Your moment has come, Mr Tsipras, take back control of your country and leave the Euro – UKIP leader Nigel Farage in the EU parliament, July 8, 2015
I am reposting this video for those that may have missed it. Great speech by Nigel Farage! -MrT.
Video Source: https://www.youtube.com/watch?v=94UcyJnRcGU – Vid (4:25)
This new proposal just kicks the can down the road. It doesn’t appear that Mr. wants to leave the Eurozone. It looks like the ball is now in Merkel’s court. Now we wait to see if this get rejected. –MrT.
Eurozone crisis: Greek MPs back new bailout deal but euro fate lies with doubtful Germany
THE GREEK parliament last night backed new bailout proposals but the debt-stricken country’s Prime Minister has warned of a “minefield” ahead – with the fate of the euro now lying in Germany’s hands.
By Selina Sykes
12:04, Sat, Jul 11, 2015 | UPDATED: 12:22, Sat, Jul 11, 2015
Greece’s leader Alexis Tspiras and his Government hope their new offer to creditors, containing harsh European Union-demanded austerity measures, will be enough for the country to win a third bailout of €53.5billion (£38.5bn).
Their proposal, including tax rises and cuts in pension spending, were pushed through by Greek politicians late last night despite being certain to inflict more pain on their people.
Less than a week ago, Greek voters overwhelmingly rejected a similar plan during a national referendum.
Finance ministers from the eurozone nations will now consider the latest proposed financial reforms before deciding whether to offer a financial lifeline to prop up Greece’s failing and save the country from crashing out of the euro.
However, despite French President Francois Hollande describing the measures as “serious and credible”, it has emerged that Germany is unlikely to agree to the new package.
A senior German source was quoted by The Times as claiming Greece’s new proposals “do not add up”.
German officials are reportedly furious Mr. Tsipras has submitted an offer that details merely the same terms as a proposed extension of Greece’s last bailout deal, which was only due to last a few months.
now faces choosing either rejecting the proposal, which would almost certainly lead to Greek banks running out of cash and the country hurtling towards a euro exit – or facing down growing criticism from within Germany over the ongoing saga.
Mrs. Merkel will also face pressure from other EU leaders not to risk undermining the whole euro project.
From here on there is a minefield
During a late-night debate in Athens, Mr. Tsipras acknowledged his latest reforms were far from the anti-austerity platform his radical left-wing Syriza party was elected on, but insisted they were Greece’s best chance to emerge from its
He said the new proposal, if approved by international creditors, will provide longer-tern for a nation that has suffered six years of recession.
Mr. Tsipras also said he had made mistakes during his six-month tenure but underlined he had negotiated as hard as he could, adding that his Government had fought “difficult battles” and had lost some of them.
“Now I have the feeling we’ve reached the demarcation line,” he said.
“From here on there is a minefield, and I don’t have the right to dismiss this or hide it from the Greek people.”
Greece’s new Finance Minister Euclid Tsakalotos stressed the urgency of the loan request given the “fragility” of Greek’s system and the lack of liquidity.
Mr. Tsakalotos told the Greek parliament last Sunday’s referendum result had strengthened the Government’s hand in seeking a new deal.
“I think after the referendum we are in a stronger position,” he said.
Without a deal, Greece risks of being the first nation to crash out of the euro.
The motion to authorize the Government to use the proposal as a basis for negotiation with international creditors passed with 251 votes in favor and 32 against.
Two politicians who voted against the motion are members of left-wing Syriza, raising questions about the stability of Mr. Tsipras Government.
One of the dissenters, Panagiotis Lafazanis, said: “I support the Government but I don’t support an austerity program of neoliberal deregulation and privatizations which would prolong the vicious circle of recession, poverty and misery.”
The proposals from Athens would provide three years of financing with repayments spaced more evenly than under previous bailouts.
Greece’s main creditors, the , the European Central Bank and other eurozone nations, have already combed through the proposals before sending them to the other 18 eurozone finance ministers today.
Eurozone finance ministers will discuss the proposals in Brussels today before David Cameron and fellow EU leaders hold an emergency summit involving all 28 members on Sunday.
Bank closures in Greece have been extended until Monday and Greeks are limited to withdrawing €60 per day after the imposition of cash controls.
Greece has relied on bailout funding since losing access to financing from bond markets in 2010.
Greek negotiators are also heading to Brussels today to discuss their proposed financial reforms.