The Malta Independent 13 July 2015, Monday

2am update: Tsipras making progress in the negotiations

Monday, 13 July 2015, 02:14 Last update: about 1 hour ago
Latest reports suggest Greek PM Alexis Tsipras is refusing to be beaten down, and is winning some concessions from creditors.

Tsipras may have sunk the idea that €50bn of Greek assets would be transferred to a Luxembourg fund (under the control of the German development bank KfW). It could be rather fewer assets, and it might not be Luxembourg either.

The Greek PM may even succeed in removing the threat of a temporary Grexit.

On the other hand IMF role remains despite Tsipras objections.

The Eurozone Greece summit now on fifth draft, Leaders have started discussing latest.

Meanwhile US financial analyst George Pearkes has an interesting take on the idea that KwF (the German investment bank chaired by Wolfgang Schauble) might take control of some Greek assets. He argues it’s not a scandal.

"It doesn't look good for Schauble to dit on the board that holds those assets but it's a multilateral one. 

"Furthermore, KwF isn't a bank. It is wholly owned by the German government. Again, it doesn't look good but it is not like a private bank holding assets.

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