Prospects of new Greek rescue rise at euro zone summit

[KamaAina]

Source: Reuters via Yahoo! News

Greek Prime Minister Alexis Tsipras won a commitment to seek a last-minute rescue at an emergency euro zone summit on Tuesday, before his country's banks run out of money.

EU leaders will hold a further summit on Sunday to approve a plan to aid Greece if creditor institutions are satisfied in the meantime with a Greek loan application and reform commitments.

"The ball is in Greece's court," Italian Prime Minister Matteo Renzi said. "Next Sunday the final meeting will take place on Greece ... I am not pessimistic."

German Chancellor Angela Merkel, who arrived saying there was still no basis for reopening negotiations with Athens, changed her tune in the room and was actively involved in efforts to find a last-ditch solution, euro zone sources said.

Read more: http://news.yahoo.com/germany-france-press-greece-fast-credible-proposals-020951804--business.html

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Opaa!

[geek tragedy]

1. hold the celebrations. "if creditor institutions are satisfied" with Greece's

proposals.

The odds of that happening are very slight.

[madville]

2. "reform commitments"

wonder what those are?

[geek tragedy]

7. Austerity measures.

Plus privatization and rollbacks on rules against layoffs.

[DallasNE]

3. How Is The Ball In Greece's Court?

The people of Greece spoke strongly over the weekend. As I have said since the vote, the ball is in Merkel's court and the fact that she "changed her tune" is a clear indication of that. What is clear is that after 7 years austerity is a dismal failure. I don't pretend to know what the solution is but it is abundantly clear that the solution is not more austerity. And what they come up with here has to keep in mind the pending issues in Spain, France and Italy because the problem is far more widespread than just Greece. No doubt, this will be a tough nut to crack because how can they kick Greece out of the EU without also eventually giving the boot to Spain, France and Italy. That is a slippery slope. And what happens there will impact the entire globe. Does Europe have the leadership to pull this off - that is the question.

[PoliticAverse]

6. The ball "is in Greece's Court" because Greece desparately needs cash...

and it's apparent the other countries are taking a hard line. So either Greece agrees to make
"reforms" or they are out.

See the Washington Post article for more:
http://www.democraticunderground.com/10026950002

[geek tragedy]

8. They're the ones asking for money. nt

[rpannier]

4. Her tune likely changed when it became obvious

that the French, Italians and others wanted a deal
Many of the others being individuals and companies that owned debt

[PoliticAverse]

5. The Washington Post article has a much more pessimistic spin...

Europe gives Greece 5 days to avoid bankruptcy
http://www.democraticunderground.com/10026950002

[KamaAina]

9. Big surprise there.