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Sunday, 7 June 2015

Greece/EC: Juncker's Rebuke; Juncker, Tsipras; Greece's Last Card? Dramatic Consequences? The Observation of Minimal Rules and the Missing Part of the Bridge; Press Conference Ahead of G7 Summit; Obama's Comments

Obama says Greece must make 'tough choices' (EU Observer) - 'US leader Barack Obama said after the G7 summit in Germany that a Greek debt deal will "require Greece being serious about making some important reforms". He said creditors should be flexible. But he heaped responsibility on Greek leaders, adding "they will have to make some tough political choices"'

Wall Street Journal, more detail article - Αγρίεψαν

Important Video from EC Audiovisual Services (English) - Press conference ahead of the G7 Summit; eg Jean-Claude Juncker, from 6-minute point (following Peter Spiegel, FT, question): Juncker disappointed.

From Reuters -EU's Juncker rebukes Greece's Tsipras, urges swift proposals

'European Commission President Jean-Claude Juncker accused Greek Prime Minister Alexis Tsipras on Sunday of distorting proposals by international creditors for a cash-for-reform deal to save Athens from default and urged him to put forward alternative proposals swiftly to allow negotiations this week. Juncker voiced exasperation with Tsipras, who denounced the lenders' terms as "absurd" in the Greek parliament on Friday, and said that while he considered Tsipras a friend, "in order to remain friends one has to respect some minimum rules"'.

"Defiant Greece plays its last card" (The Australian/Sunday Times), Aimee Donnellan and Kiki Louizou

"Tsipras has the choice of swallowing painful cuts to pensions or calling an early election next month. But time is running out. Experts estimate the political deadlock and increasing withdrawals of money could lead to the collapse of one of the country’s banks. The business community in Athens is all too aware of that risk. Members say they are tired of the dramas concocted by bolshie leaders and dread the possibility of a Grexit. “It would be disastrous,” said Marco Veremis, founder and chief executive of Upstream, an Athens-based mobile marketing agency with revenues of pounds 200m and 10 international offices. “Greek governments have refused to accept the real source of our woes and have tried to maintain the current model of the economy instead of working on much-needed structural reforms.” Veremis listed the reasons he believed to be behind Greece’s tribulations. “A consumption-driven economy fuelled by debt and at the same time a very large, expensive, corrupt and inefficient state at the epicentre of economic activity,” he said. “Clearly the memorandum is not the source of the problem, although in the way it was executed, it did not prove effective.” Veremis stressed that he was not alone in his thinking".

Martin Schulz, Dramatic Consequences If Talks Fail Warning (Kathimerini)

Mignatiou- Βαριές κουβέντες Γιούνκερ για Τσίπρα… “διαστρέβλωση της πρότασης των δανειστών”

Kathimerini article - Ο Γιούνκερ δεν μιλά στον Τσίπρα

BBC on G7 Press Conference - "Friends have to observe minimal rules".

Guardian report - "Jean-Claude Juncker accuses Alexis Tsipras of lying over bailout talks"

More from the Guardian - "Juncker vents fury over Greek bailout talks at G7 summit"

The Greek side now seeks a "staggered, step-by-step implementation of commitments", with a horizon of March 2016 (Avgi)

New York Times article - A Defining Moment for Greek Leader

PM Tsipras, Speech to Parliament June 6

Wall Street Journal article

CNBC, some sceptical finance industry viewpoints - Greece: Leaders lash out as tempers fray - "credible ecoonomic reform or a permanent charity case?"

The Economist 

The Telegraph - "Why is Athens still refusing the free lunch of a Grexit?
With its own currency, Greece would be able to support its banking system and even engage in QE"

Greeks talks of compromise, Reuters

A parallel currency?

Chancellor Merkel, BBC News - German Chancellor Angela Merkel has warned that time is running out for a deal to keep Greece in the eurozone. Speaking after the G7 summit in Germany, she said Europe would show solidarity but only if Greece "makes proposals and implements reforms".

Implementation, Implementation, IMPLEMENTATION....

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