Tsipras offers conditional okay to bailout, creditors sceptical

Tsipras offers conditional okay to bailout, creditors sceptical
Reuters
54 minutes ago



BRUSSELS (Reuters) - Greek Prime Minister Alexis Tsipras has written to international creditors saying Greece could accept a bailout offer published on June 28 if several conditions were changed, but Germany said the letter had come too late and did not go far enough.                                                                                                                           Euro zone finance ministers were due to discuss the Greek request on a conference call at 1530 GMT, but the initial reaction from ministers and senior officials was that the letter contained elements that ministers will find hard to accept.

Although dated June 30, it arrived after the 19 Eurogroup ministers had ended a conference call on Tuesday evening and the country's international bailout expired at midnight, when it defaulted on an IMF repayment, euro zone officials said.

"The Hellenic Republic is prepared to accept this Staff Level Agreement subject to the following amendments, additions or clarifications, as part of an extension of the expiring EFSF programme and the new ESM Loan Agreement for which a request was submitted today," Tsipras wrote in the letter, first reported by the Financial Times newspaper.

German Finance Minister Wolfgang Schaeuble said the letter came too late, had not brought any greater clarity and was no basis for serious negotiations now.

Any talks on a new programme would have to start from scratch with different conditions, he told a news conference in Berlin.

The Tsipras letter contained only a single sketchy reference to labour market reform, which was one of the creditors' demands to make the Greek economy more competitive.

"The new framework will be legislated in autumn 2015," it said without saying what measures it would contain. Tsipras' leftist government wants to restore collective bargaining rights scrapped under previous bailout-driven reforms, and opposes a demand to make collective layoffs easier in the private sector.

Tsipras did agree to implement immediately a range of measures recommended by the Organisation for Economic Cooperation and Development to ease doing business and open up closed business sectors.

The letter made no mention of privatisations, which the Tsipras government halted on taking office and which remain a bone of contention.

(Reporting by Alastair Macdonald and Paul Taylor; editing by Robin Emmott and Philippa Fletcher)                            https://finance.yahoo.com/news/greek-pm-willing-accept-creditors-101259107.html

Tsipras offers conditional okay to bailout, creditors sceptical
Reuters


BRUSSELS (Reuters) - Greek Prime Minister Alexis Tsipras has written to international creditors saying Greece could accept a bailout offer published on June 28 if several conditions were changed, but Germany said the letter had come too late and did not go far enough. 
                                                                                                                         Euro zone finance ministers were due to discuss the Greek request on a conference call at 1530 GMT, but the initial reaction from ministers and senior officials was that the letter contained elements that ministers will find hard to accept.

Although dated June 30, it arrived after the 19 Eurogroup ministers had ended a conference call on Tuesday evening and the country's international bailout expired at midnight, when it defaulted on an IMF repayment, euro zone officials said.

"The Hellenic Republic is prepared to accept this Staff Level Agreement subject to the following amendments, additions or clarifications, as part of an extension of the expiring EFSF programme and the new ESM Loan Agreement for which a request was submitted today," Tsipras wrote in the letter, first reported by the Financial Times newspaper.

German Finance Minister Wolfgang Schaeuble said the letter came too late, had not brought any greater clarity and was no basis for serious negotiations now.

Any talks on a new programme would have to start from scratch with different conditions, he told a news conference in Berlin.

The Tsipras letter contained only a single sketchy reference to labour market reform, which was one of the creditors' demands to make the Greek economy more competitive.

"The new framework will be legislated in autumn 2015," it said without saying what measures it would contain. Tsipras' leftist government wants to restore collective bargaining rights scrapped under previous bailout-driven reforms, and opposes a demand to make collective layoffs easier in the private sector.

Tsipras did agree to implement immediately a range of measures recommended by the Organisation for Economic Cooperation and Development to ease doing business and open up closed business sectors.

The letter made no mention of privatisations, which the Tsipras government halted on taking office and which remain a bone of contention.

(Reporting by Alastair Macdonald and Paul Taylor; editing by Robin Emmott and Philippa Fletcher)            
             
 https://finance.yahoo.com/news/greek-pm-willing-accept-creditors-101259107.html






Greece will default, the markets will be shaken, the dollar will get stronger, the world will go on and the pooroos will use this to pump ....