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Dog Meat Festival by nativedoctors(m): 12:35pm On Jun 22, 2015
Greece holds critical debt talks
Updated 2 minutes ago

Greeks on hopes and fears: "I'm not sure things will go well tonight"
Greece faces a critical 24 hours as European leaders hold an emergency summit that could break the deadlock around the country's debt crisis.

Greek PM Alexis Tsipras said at the start he hoped Greece would "return to growth within the eurozone".

But European officials have said there was still no basis for making a decision for aid for Greece on Monday.

On Sunday, Mr Tsipras set out new proposals to try to prevent a default on a €1.6bn (£1.1bn) IMF loan.

One European official said the proposals held plenty of promise.

Mr Tsipras said Greece wanted to "return to growth within the eurozone [coupled] with social justice", adding it was "time for a substantial and viable solution".

In separate comments, he also ruled out pension cuts, higher power rates, and an excessive budget surplus.



Greek debt talks: Main sticking points

• Greece will not accept cuts to pension payments or public sector wages, saying two-thirds of pensioners are either below or near the poverty line

• International creditors want pension spending cut by 1% of GDP - it accounts for 16% of Greek GDP. They say they want to target early retirement not lower-income pensioners

• EU officials say Greece has agreed to budget surplus targets of 1% of GDP this year, followed by 2% in 2016 and 3.5% by 2018. Greece says nothing is agreed until everything is agreed

• Creditors also want a wider VAT base; Greece says it will not allow extra VAT on medicines or electricity bills

• Greece complains creditors focus on increasing taxes instead of cracking down on tax evasion; IMF is concerned Athens is not offering credible reforms


But on Monday Germany's Finance Minister Wolfgang Schaeuble said there were "no substantial proposals" from Greece, while a German government spokesman said the situation was the same as on Friday.

"Without such a basis for a decision, tonight [Monday night] can only be a summit of consultations," the spokesman said.

Dutch Finance Minister Jeroen Dijsselbloem said it "will be impossible to have a final assessment" as the Greek proposals were very recent, but they would "hopefully [form] the basis for final talks".

Finnish Foreign Minister Alexander Stubb said he did not see a deal being reached on Monday. "We have wasted a lot of air miles, both on the finance ministers' side and on the prime ministers' side," he said.

Greece must repay the loan by the end of June or risk crashing out of the single currency and possibly the EU.

Talks have been in deadlock for five months. The European Commission, the IMF and the European Central Bank (ECB) are unwilling to unlock the final €7.2bn tranche of bailout funds until Greece agrees to economic reforms.

Business live: Latest from Greece

Stock markets rise on hopes of deal




Analysis - Robert Peston, BBC economics editor

If deposit withdrawals continue at the current pace, Greek banks will soon exhaust eligible assets they can pledge to the Bank of Greece for cash under the Emergency Liquidity Assistance (ELA) scheme.

Even before that, the European Central Bank could turn off the ELA drip feed - because it is forbidden to allow the Bank of Greece to lend to insolvent banks.

If Greece's bailout talks collapse, it would be hard for the ECB to maintain the fiction that the Greek banking system is solvent - given that the value of a big chunk of banks' assets depends on the solvency of the Greek state.

So the ECB would have to take the banks off life support.

And the Greek authorities would have no realistic option but to impose capital controls, or restrictions on how much cash can be withdrawn by customers from the banks.

Read more from Robert


Prime Minister Tsipras is meeting the heads of Greece's three international creditors in Brussels, ahead of his talks with the leaders of 18 other eurozone nations.

Mr Tsipras' offer on Sunday of a reforms package to the leaders of Germany, France and the European Commission is seen by some as a sign the Greek
Re: Dog Meat Festival by importexpert(m): 1:05pm On Jun 22, 2015
I thought this was dog meat festival?

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