Greek crisis: surrender financial power consequently for bailout

Greek crisis - surrender financial power consequently for bailout

Brussel negotiations were being carried on, well past the deadline with its 19 Eurozone partners. Prime Minister Alexis Tsipras and European leaders were still in discussions, early Monday morning, on how Greece would guarantee the measures proposed, in exchange for a rescue package to prevent the banks from collapsing.

You have to wonder what financial experts are whispering about – is it about the bailout or is it about Greece’s euro currency. Euro partners, like Germany, have warned that if Greece doesn’t concede to their offerings, that the country could be temporarily forced from the euro system, which the country has been a part of since 2002.

The obstacle appears to be the terms of the austerity package and its timing. The leaders are discussing Greece’s request for a 3-year, 53.5 bn-euro financial package, but other Eurozone leaders report that they believe that Greece should have more funding, thus they believe tougher measures should be implemented, after all, this is Greece’s third bailout in five year.

Prime Minister Tsipras wants the ECB to help the banks, but, creditors object to this idea, until the Parliament of Greece, passes …

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