The Telegraph: Greek deal in sight as Germany bows to huge global pressure for debt relief
Angela Merkel faces a defining moment in her political career as chorus of voices push for Greek debt relief.
Germany is at last bowing to pressure as a chorus of countries and key institutions demand debt relief for Greece, a shift that could break the five-month stalemate and avert a potentially disastrous rupture of monetary union at this Sunday’s last-ditch summit.
In a highly significant move, the European Council has called on both sides to make major concessions, insisting that the creditor powers must do their part as the radical Syriza government puts forward a new raft of proposals on economic reforms before a deadline expires tonight.
WNU Editor: What a difference a few days make. The Greek government submits a plan that 61% of the Greek population voted against on Sunday, but with the proviso that they want to borrow more money. The Germans appear to be backing down after being put under heavy pressure from their EU partners .... accepting the fact that maybe some debt write-offs need to happen. As to what is my take .... the damage has already been done. It will be years before the Greek government can borrow money from international markets. Companies that export goods to Greece will not give credit .... or will under strict terms. Many of the Greek banks have been severely damaged .... expect major bank failures around the corner .... With cash fast running out, Greek bank failures loom (Financial Times). Greece will now owe even more money .... and I am doubtful that they will institute the reforms that they need .... as a result .... it would not surprise me if by next year they are looking for another bailout.
More News On The Greek Debt Crisis
The Latest: Greece seeks 53.5B euros in new bailout package -- AP
Greece sends reform plan to EU promising new tax hikes -- Reuters
Greece proposes tax hikes, spending cuts, pension reforms -- AP
Greek Plan Accepts Austerity to Get Debt Relief -- NYT
Greece submits last-ditch request for a bailout -- Washington Post
Greece debt crisis: Eurozone receives economic reform plan -- BBC
Greece submits new reform plan as clock ticks down -- CNN
Greece submits debt proposals to creditors - Eurogroup -- RT
Greece eyes austerity in fresh EU bailout bid -- Al Jazeera
Greece's Tsipras to sell last-ditch deal to reluctant party -- AP
Greek parliament to vote on new cuts-for-cash plan to break deadlock -- The Guardian
Eurozone under pressure over Greek debt drama -- Chris Morris, BBC
Poorer than Greece: the EU countries that reject a new Athens bailout -- The Guardian