The Latest: Greek Creditors Want 'More Binding Commitments'

The latest from Greece's financial crisis (all times local):

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8:30 p.m.

A European official at the Greek bailout talks says creditors want "more specific and binding commitments" from the Greek government that it will stick to its reform promises.

The official, who spoke on condition of anonymity because he's not authorized to talk publicly, says there's a general feeling in the room that the Greek proposals are "too little, too late" and as such, more proof of the government's commitment to follow through is required.

The official said these commitments don't "necessarily have to be austerity measures."

Greece is struggling to overcome a trust deficit at the eurogroup meeting in Brussels, which has been called to assess the government's proposals. Greece needs to convince creditors of its plan so it can get another financial rescue and avoid an exit from the euro.

--- By John-Thor Dahlburg in Brussels.

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8:00 p.m.

Greek Economy Minister Giorgos Stathakis says lawmakers from the governing Syriza party who disagree with government's bailout policy should resign and give up their seats in parliament.

"That's what I would do," Stathakis told private Mega television.

Sixteen of Syriza's 149 lawmakers — including two cabinet ministers — did not back the government in a vote early Saturday to authorize Prime Minister Alexis Tsipras to negotiate a third bailout.

Another 15 party lawmakers, including two deputy ministers, wrote a letter to the government stating they would not vote for new austerity measures.

Saturday's vote triggered speculation of the creation of a possible national unity government and an early general election.

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7:25 p.m.

The Greek government is denying a report that the German finance ministry has proposed a temporary, five-year euro exit for Greece.

Theodoros Mihopoulos who heads Greek Prime Minister Alexis Tsipras' office, said in a tweet that the report in Germany's Frankfurter Allgemeine Sonntagszeitung newspaper "is completely denied."

According to the report, the German finance ministry also proposed that the Greek government sells off some 50 billion euros ($56 billion) in unspecified property assets to pay off debts. The report said that in exchange, Greece would remain in the European Union and receive additional "growth enhancing, humanitarian and technical assistance".

Eurozone finance ministers are meeting in Brussels to assess the Greek government's economic proposals that it hopes will pave the way to a third bailout of the country. Without a deal, Greece faces the prospect of an exit from the euro.

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5:45 p.m.

Greek Finance Minister Euclid Tsakalotos has been told what he needs to do to allay some of the concerns of his peers in the 19-country eurozone.

Luxembourg Finance Minister Pierre Gramegna spelled it out as clearly as any other as he arrived Saturday for discussions over Greece's request for a third bailout and its reform proposals.

"It is important to find out the concrete steps and also how those proposals are going to translate into legislative initiatives," Gramegna said. "If we have draft bills and if we have the prospect of a vote in the Greek parliament, there will be confidence."

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