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Emergency Eurogroup on Monday to Discuss Greek Debt as Default Approaches

mediadefaultimagesalexis-tsipras_12022015232207An emergency Eurogroup session will be held on Monday before the Eurozone summit scheduled that day in order to discuss the critical Greek issue as the country heads for default on the International Monetary Fund on June 30.
Eurozone ministers said on Friday that the emergency summit called to solve Greece’s debt issue required firm proposals by Athens in advance of the meeting.
“Calling a summit that will not be prepared if there is no arrangement this weekend, I don’t find that very constructive,” said Austrian Finance Minister Hans Jorg Schelling, according to an AFP report. “We don’t know if Greece is going to make a move and make new proposals. Taking this to the political level, as Greece does, is obviously a double-edged sword,” he added.
“It’s very important that this is first prepared on the technical level because we need to have some kind of a proposal on the table for the euro summit,” Finnish Finance Minister Alex Stubb said Friday.
Greek Prime Minister Alexis Tsipras appears confident that a deal will be achieved on a political level. “Greece’s debt crisis is a problem for all of Europe and the European Union faces a choice between showing solidarity with Greece or sticking to austerity policies that lead nowhere,” he said from St. Petersburg where he is for talks with Russian President Vladimir Putin.
“The European Union, which we are part of, should find its way back to its statutory principles: solidarity, democracy, social justice. By sticking to policies of austerity, and policies which harm social cohesion, which aggravate the recession, this is impossible,” he further said.
Reports from Brussels say that creditors consider an extension to the Greek debt issue. The idea discussed is a six-month extension and an option is that Greece can use 10.9 billion euros in existing aid previously set aside to recapitalize Greek banks and redeploying it as normal bailout funds for upcoming debts.

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