greece debt crisis_ 'last-minute deal sought

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Greece debt crisis: 'Last-minute deal sought'

Queues continued to form outside banks in Greece on Tuesday

The Greek government is reportedly

planning to request a new two-year

bailout deal from the eurozone.

Greek debt crisis

Greece in crisis: What

next?

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Page 1 of 14Greece debt crisis: 'Last-minute deal sought' - BBC News

6/30/2015http://www.bbc.com/news/world-europe-33325886

It comes just hours ahead of a deadline

to repay 1.6bn (1.1bn) to the

International Monetary Fund (IMF).

Reports of the move to call for aid from

the European Stability Mechanism

(ESM) emerged as Greek leaders held

talks over the European Commission's

latest proposal for economic reforms.

If Athens accepts the EC deal, it will free up cash to repay the

1.6bn.

Amid fears of a Greek default on its huge public debt of 323bn

- and a possible exit from the euro - long queues of people are

continuing to snake from many cash machines in Greece, where

withdrawals are capped at just 60 a day.

Greek deputy foreign minister Euclid Tsakalotos told the BBC's Katya Adler he

believed a solution could be found

Greek banks were shut this week after talks between Greece

and its creditors broke down.

However, up to 1,000 bank branches will re-open from

Wednesday to allow pensioners - many of whom do not use

bank cards - to withdraw up to 120.

What Greeks really

think about the crisis

Greek debt crisis:

Why a bailout

referendum?

Is Greece's exit from

the euro inevitable?



A European Commission spokesman said the commission's

president, Jean-Claude Juncker, was called by Greek Prime

Minister Alexis Tsipras on Monday night.

The European Commission says the deal offered by Mr Juncker

on Monday was identical to one made on Friday.

However, reports in Greece say the new offer is different to

Friday's, and includes a change in terms to Ekas - a top-up

given to poorer Greek pensioners. Athens does not want it

scrapped before 2020, but Europe wants it phased out earlier.

The ESM, subject of the latest Greek proposal, provides

financial assistance to eurozone members in order to keep the

euro stable. It did not exist when Greece was bailed out in 2010

and 2012.

Resignation hint

A referendum is due to take place in Greece on Sunday over

whether the country should accept the creditors' proposals.

EU leaders have warned that a rejection of the proposals would

mean Greece leaving the eurozone - though Mr Tsipras says he

does not want this to happen.

The EC says that if funds were to be released, Mr Tsipras and

his party must back the "yes" vote in the referendum.

What will happen next?

01:00 Greek time Wednesday (22:00 GMT): Greece's 1.6bn

repayment to the IMF is due.

5 July - the referendum on creditors' proposals, and many say

Greece's membership of the eurozone, takes place

20 July - Greece must redeem 3.46bn of bonds held by the

European Central Bank. If it fails to do so, the ECB can cut off

Greece's access to emergency loans.



Speaking live on state TV on Monday evening, Mr Tsipras

appealed to Greeks to reject the creditors' proposals, saying this

would give Greece "more powerful weapons" to take to the

negotiating table.

Mr Tsipras also hinted strongly that he would resign if the result

of the referendum was a "yes" vote.

"If the Greek people want to proceed with austerity plans in

perpetuity, which will leave us unable to lift our head... we will

respect it, but we will not be the ones to carry it out," he said.



Marusa, attending a No rally on Monday, says: "I believe in Tsipras and I'm not

worried"

Some eurozone leaders, including the Italian prime minister and

French president, voiced their concern on Monday that Greek

voters would effectively be deciding next Sunday whether or not

they wanted to stay in the eurozone.

Meanwhile, European Commission President Jean-Claude

Juncker said he felt betrayed by the Tsipras-led government and

called on Greek voters to oppose him.

The ECB is believed to have disbursed virtually all of its

emergency funds for Greece, amounting to 89bn (63bn).

Days of turmoil

Queues were forming in front of some ATMs in Athens - but customers will only

be allowed to take out 60 per day

Friday evening: Greek prime minister calls referendum on

terms of new bailout deal, asks for extension of existing

bailout



Saturday afternoon: Eurozone finance ministers refuse to

extend existing bailout beyond Tuesday

Saturday evening: Greek parliament backs referendum for 5

July

Sunday afternoon: ECB says it is not increasing emergency

assistance to Greece

Sunday evening: Greek government says banks to be closed

for the week and cash withdrawals restricted to 60

Is Grexit nearer?

Katya Adler: A European divide

Existential threat to euro from Greek exit

A guide to the key numbers and issues

Lenders' proposals - key sticking points

VAT (sales tax): A new system to come in from 1 July, with

three rates, aimed at boosting annual revenue by 1% of total

output (GDP)

Most goods to be taxed at top rate of 23%, including

restaurants and catering and processed foods

Reduced rate of 13% for basic food, electricity, hotels and

water

Super-reduced rate of 6% for medicines, books and theatre

End exemptions and eliminate VAT discounts for Greek

islands

Create strong disincentives to early retirement

Move retirement age up to 67 by 2022



End Ekas "solidarity" top-up grant that some 200,000 poorer

pensioners get - immediate EKAS cut for wealthiest 20% of

recipients, and cut completely by 2020

Pensioners' healthcare contributions to rise to 6%, from 4%

Source: European Commission document, 26 Jun 15 (pdf)

Greek debt jargon explained

Are you in Greece? What are your concerns? Do you have

friends and family in the country who may be affected?

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Greece in crisis: What next?

2 hours ago

What Greeks really think about the

crisis

29 June 2015

Greek debt crisis: Why a bailout

referendum?

3 hours ago

Is Greece's exit from the euro

inevitable?

29 June 2015

Full coverage Existential threat to euro from Greek

exit

29 June 2015

The Greek referendum question

makes (almost) no sense

29 June 2015

Greece on the brink

28 June 2015

How did Greece get in this mess?

22 June 2015

Why should I care about Greece?

28 June 2015

Greek islands' tourism fears

27 June 2015

'I heard rumours so I'm getting

cash'

27 June 2015

All Greek to you? Debt jargon

explained

11 minutes ago

What are capital controls?

29 June 2015

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