GREEK NIGHTMARE IS BACK, EUROGROUP AGREEMENT AT RISK Athens denounces “Divergence between UE and IMF. No reforms without agreement”. Stocks fall

  • Italiano

Europe is facing the Greek nightmare again. Deadlines are approaching and Athens denounces divisions between UE and IMF about cuts and reforms. Although meetings between Yanis Varoufakis and his European colleagues are more and more numerous, the agreement with the Eurogroup is fading and stocks are collapsing. The white House intervened and warned, Eurozone has to be ‘untouched’. Tsipras attacks his creditors with a harsh public statement and he denounces a divergences that thwart negotiations and orevent the agreement. Brussels criticizes Athens, does not agree with restructuring the debt, but is open to reforms for retirement and labor market. Washington, on the other hand, agrees on the decrease of primary surplus but is inflexible about retirement and labor.

The IMF rejects accusations, stating it never encouraged cuts to Greek debts during the meeting with the ministers of the Eurozone in Riga. It also states that Greece may need more financial help if objectives change. It is inevitable to turn down the agreement with the Eurozone, this possibility faded after the meeting with the EU commissioner of Economic Affairs, Pierre Moscovici. “We will have a fruitful debate to confirm progresses and to take a step closer to an agreement” said Varoufakis, who met the French Minister of Finances, Michel Sapin, and is going to meet the Minister of Economy, Emmanuel Macron. “External communication is vital” said Varoufakis, who is hoping for Paris to propose initiatives to make the reaching of an agreement easier.

Yannis Dragasakis – vice premier of Greece – although liquidity is on its last leg and Greece has to refund about €1 billion before the May 12th, said that it is very likely that they reach an agreement. Varoufakis will be in Rome tomorrow to meet Padoan; his colleague Wolfgang Schaeuble from Germany restated his skepticism on the agreement and said Greece need to live up to its duties. Uncertainty is destroying Greek economy again; and the EU vice commissioner, Valdis Dombrovskis, announced that the possibility of growth for Greece was drastically reduced, from 2.5% to 0.5% by 2015.

Stocks are alarmed; Milan lost 2.63% and brought Wall Street down with it. This is why the White House intervened in favor of the Eurozone and underlining that it is necessary to solve the situation in Greece without compromising international economy.

Translation provided by Mary Ann D’Costa

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