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GreekReporter.comGreek NewsEconomyDeal Prospects for Greece Unclear, Yet European Stock Markets Went Up

Deal Prospects for Greece Unclear, Yet European Stock Markets Went Up

01234c9a5c034e77b35a0cf194f8514eThe last-minute effort of Prime Minister Alexis Tsipras to secure a deal with Greece’s creditors has generated hopes that sent European stock markets higher. Yet, it is unclear if Europe is ready to accept the new Greek proposal in Wednesday’s meeting of Eurozone finance ministers.
Germany’s Finance Minister Wolfgang Schaeuble said the latest Greek letter “did not provide further clarity” in the deadlock and was “no basis” to resume serious negotiations.
Chancellor Angela Merkel said to German Parliament that no negotiations with Greece on a new bailout program can take place before the referendum. She also said that the remaining 18 Eurozone member countries are prepared and protected in case Greece goes bankrupt.
On Tuesday several of Europe’s finance chiefs said they are not willing to offer Greece any further assistance unless the Greek government called off Sunday’s referendum or advised citizens to vote “yes” on a deal. Nevertheless, the Eurogroup will take place on Wednesday at 5:30 pm, Brussels time.
The Greek government, and Greek citizens, are divided over the referendum, yet the Greek Parliament will be closed until Monday and has already approved procedures for the vote, meaning that the referendum cannot be revoked through the House.
The European Central Bank, which controls liquidity to Greece’s banks, iss meeting later Wednesday to determine whether to change the terms of its assistance after the expiration of the bailout. After stopping to provide emergency cash to Greek banks, the government was forced to impose capital controls.
Greek Prime Minister Alexis Tsipras is expected to address the Greek people on Wednesday afternoon.

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