The question was obvious, the answer was entwaffnend. Why the Finance Ministers of the euro group ever met?, a journalist wanted to know after the head of the Eurogroup, Jean-Claude Juncker, in Brussels shortly before midnight had explained on Greece advise though, but nothing decided been was. If we do not have recognised the session countered Juncker cool, I don't think that this morning in Athens an agreement would have been reached.
.So far, there has been so: 16 Finance Ministers will have to travel to Brussels so that the parties in Athens, Greece commit to further efforts. No question the sound strike the other Europeans with the Government in Athens, has become rough in recent weeks, the nerves are badly strained. And if that the governing parties in Athens have towards the EU for days, the already low confidence has eroded further. From the struggle for Greece, a wrestling with Greece has long been.
And, but you should by the frustration that the himself Juncker hardly hides, don't be fooled. The atmosphere between Brussels and Athens is frosty, but the mutual dependency remains high. The previous rescue policy will continue therefore, even under the more stringent conditions.
Three demands have given on the way the finance ministers their Greek colleagues, Evangelos Venizelos. Initially the Greek Parliament must agree to a series of laws on Sunday, making free the way for further reforms and savings. Then the Government must present proposals until no later than Wednesday, as it wants to save a further EUR 225 million. Obviously, the total equals originally demanded cuts of supplementary pensions, to which the Chairman of the governing parties so far cannot could agree. Finally all three governing parties should commit themselves binding to the new reform and savings program; in whatever form, Juncker left open. Only when these three requirements are met, Greece gets fresh money. It not always promises can be made, without that they be implemented, as Juncker. There is no payout before is not implemented.
At the same time, the Euro Group Chief had however little doubt, as the thing will turn out. Asked what he just happen if you do not agree with the Parliament in Athens, answered: The Greek Parliament will vote not against it. Otherwise, an agreement emerges. The agreement between the Greek Government and the banks on a debt cut for the private creditors was almost under roof and Pocket, was announced by EU monetary Commissioner Olli Rehn. The Commission was very satisfied with the results. However, he did not give figures. According to the specifications of the Government, the banks should waive at least 100 billion euros. Probably, the European Central Bank (ECB), which holds Greek bonds amounting to approximately EUR 55 billion, will contribute a portion of.
What now happens next? On Wednesday, the Finance Ministers of the Eurogroup will meet again in Brussels. They are Greece again €130 billion by 2020 promise - and hope that there finally some rest reverses up. For even more, know that they, they are may not require off Athens. It is sovereign only on paper anyway. And with each step the partners what they actually want to prevent despite all discord risk: an uncontrolled collapse.
