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Daily Key Events Report on the Greek Debt Crisis – July 10, 2015

10/07/2015

  • As also confirmed by Brussels officials, Greece submitted its final proposals late evening yesterday in hope of securing a new bailout before Sunday’s deadline. Greece is reportedly seeking €53.5bn as part of the three-year package, plus a restructuring of its huge debt burden, while the proposed measures appear to include tough VAT and pension reforms, spending cuts etc.. Jeroen Dijsselbloem, chairman of Eurogroup Finance Ministers, said through a spokesman that he would not comment on the new proposals until they had been evaluated by the European Commission, European Central Bank and International Monetary Fund. During a meeting with Potami Leader Stavros Theodorakis in Brussels, Jean Claude Juncker appears to have said that Europeans believe that the Greek proposals are on the right direction. 
  • This afternoon, the government will seek the Greek Parliament’s endorsement, probably in an effort by Alexis Tsipras to disarm creditors’ criticism over his intents, while rebel Energy Minister and junior Coalition Leader did not sign the reform letter. Upon agreement on Sunday, the Parliament would need to vote the reforms plans into law next week. 
  • Yesterday, European officials referred to the thorny matter of Greece’s debt burden. German Finance Minister Wolfgang Schaeuble indicated that some debt restructuring would be needed as part of the new program but offered no solution, stressing that a haircut violated European rules and thus could not be solved within the eurozone. 
  • In the meantime, senior lawmaker from Chancellor Angela Merkel's Bavarian allies said that he saw no majority in the conservative parliamentary group for another rescue package for the crisis-hit country. 
  • Just in: Juncker, Draghi, Dijsselbloem, Regling, and Lagarde to hold teleconference on Greece today as a first judgment on Greece’s proposals will probably be handled down Friday. 
Sources:
http://www.nytimes.com/live/greek-debt-crisis-live-updates/
http://www.bbc.com/news/world-europe-33472699
http://www.telegraph.co.uk/finance/economics/11728175/Greece-news-live-Desperate-government-agrees-to-tough-austerity-measures-to-stay-in-the-eurozone.html
http://www.businesstimes.com.sg/government-economy/greek-crisis/greek-pm-seeks-parliaments-backing-for-new-eu-debt-talks
http://www.ekathimerini.com/199256/article/ekathimerini/news/eu-officials-mull-greek-debt-relief
http://www.ekathimerini.com/199262/article/ekathimerini/news/senior-german-lawmaker-sees-no-majority-for-further-greek-bailout
http://www.ekathimerini.com/199263/article/ekathimerini/news/greece-sends-reform-plan-to-eu-sets-parliament-vote
http://www.capital.gr/story/3042896/tilediaskepsi-juncker-draghi-dijsselbloem-regling-lagarde
http://www.ekathimerini.com/199272/article/ekathimerini/business/dijsselbloem-says-judgment-on-greek-plan-probable-friday

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