Greece is in the center of media attention across the world this week. Reuters published an article on the possible scenarios that may play out over the next days and Thursday’s EU summit.
The week will begin with the G20 Finance Ministers’ meeting and will end with the European Union leaders’ summit that will determine Greece’s fate.
Greek Prime Minister Alexis Tsipras is scheduled to participate in his first ever EU summit on Thursday, February 12, after he failed to win the support of other Eurozone leaders in regards to Greece’s debt and austerity negotiations. Meanwhile, on Wednesday, February 11, the Eurogroup Finance Ministers will meet in order to pave the road.
“The Eurozone’s position has not shifted despite a Greek charm offensive,” noted Reuters.
“As things stand, we consider the most likely outcome to be a Eurogroup offer of a new third program,” said Deutsche Bank strategist George Saravelos. “At the same time, such an offer is very likely to be attached to strict conditions.”
According to Reuters, no one wants to question the monetary union’s durability by letting Greece exit the Eurozone. However, Tsipras will have to compromise and settle for much less than he promised before the elections. He may even have to change his position on the bailout program extension in order to win some time.
“The most realistic way forward is to… extend the duration of the program for another couple of months or half a year, thus allowing also more time for negotiation,” European Commission Vice President Valdis Dombrovskis told Reuters.
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