The Greek financial teams in Brussels and Athens are working feverishly to prepare the finalized Greek proposal to be tabled to the European Commission by 8:30 Friday morning.
EC President Jean-Claude Juncker made it clear that the Greek proposal should be presented on time and should have comprehensive measures that would be accepted by the troika of international lenders.
Finance Minister Euclid Tsakalotos returned late Wednesday night to Athens in order to discuss with Prime Minister Alexis Tsipras, while the latter will also meet with key cabinet members. It is possible that Tsipras will hold a government council in order for members to approve the Greek proposal.
According to sources within the government, the request submitted to the European Stability Mechanism is for a three-year program and will be significantly higher than the 52 billion euros the International Monetary Fund had estimated Greece’s financial needs are. The amount estimated by the IMF did not include the last 15 days that have been disastrous for the Greek economy after the consequences of the imposition of capital controls.
The Greek proposal is drawn up with the help of experts of the French finance ministry and the French representative at the Euroworking group. The European Commission had refused to participate, let alone to contribute with ready proposals, as it did repeatedly in the previous stages of negotiations.
For France, Greece’s stay in the Eurozone is an economic and political challenge, especially after Germany has hardened its stance and seems to not be averse to a Grexit.
According to analysts, France does not want to give the impression that it is dragged behind a German decision and this is the reason of the French initiative.
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