An EU crisis is not the end of the world for holidaymakers - even if it happens during a stay
Greece's central bank warns of 'uncontrollable crisis' if parties fail to reach a bail-out agreement
In a monetary policy report, Greece's central bank warned that
failure of the Greek government to reach a bail-out deal would bankrupt
the state and lead to its exit from the EU. Around €30bn of capital has
left Greek bank accounts since October, mostly in the form of cash
withdrawals and hoarding, though some capital flight has been recorded,
the bank said.
The report published on Wednesday set out the potential consequences of failed negotiations:
burdens that we have no right to saddle them with," the report said.
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The report also stated that a compromise has been reached on the main conditions and that "little ground remains to be covered".
"In order to achieve that, we have to seek a deal which will spread the burden evenly and which will not hurt wage earners and pensioners," he said.
This is despite the rhetoric from both sides becoming more entrenched. Tsipras denounced Brussels, the International Monetary Fund and the European Central Bank on Tuesday, accusing them of trying to 'humiliate' Greece. The IMF was ‘criminally responsible’ for the country’s economic woes, he said.
Greece must repay €1.6bn to the IMF on 30 June or find itself in a technical sovereign default
After that meeting the Jean-Claude Juncker, the EC president, said that
Tsipras was misleading the Greek people about the proposed reforms, such
as a 10 per cent hike in VAT in electricity. "The debate in Greece and
outside Greece would be easier if the Greek government would tell
exactly what the Commission . . . are really proposing," Juncker said.
Greece is in negotiations to secure further loan money to reach a €1.6 billion loan repayment to the IMF by the end of June.
copy http://www.independent.co.uk/
The report published on Wednesday set out the potential consequences of failed negotiations:
- Exit from the euro
- Soaring inflation resulting from an exchange rate crisis
- 'Deep recession', hitting household income, pushing up unemployment 'exponentially'
burdens that we have no right to saddle them with," the report said.
Read more:
If Greece can wreck it, how strong was euro in the first place?
Greek PM rails against attempts to 'humiliate' his government
Athens poised on the verge of catastrophic debt default
The report also stated that a compromise has been reached on the main conditions and that "little ground remains to be covered"."In order to achieve that, we have to seek a deal which will spread the burden evenly and which will not hurt wage earners and pensioners," he said.
This is despite the rhetoric from both sides becoming more entrenched. Tsipras denounced Brussels, the International Monetary Fund and the European Central Bank on Tuesday, accusing them of trying to 'humiliate' Greece. The IMF was ‘criminally responsible’ for the country’s economic woes, he said.
Greece must repay €1.6bn to the IMF on 30 June or find itself in a technical sovereign default
After that meeting the Jean-Claude Juncker, the EC president, said that
Tsipras was misleading the Greek people about the proposed reforms, such
as a 10 per cent hike in VAT in electricity. "The debate in Greece and
outside Greece would be easier if the Greek government would tell
exactly what the Commission . . . are really proposing," Juncker said.Greece is in negotiations to secure further loan money to reach a €1.6 billion loan repayment to the IMF by the end of June.
copy http://www.independent.co.uk/
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