After the Greeks in recent days drained their bank accounts which pushes the European Central Bank, the ECB, to give an emergency loan to the crisis country. The money will enable Greek banks to open again on Monday.
In the shadow of the loan talks between the European Central Bank, the EU and the International Monetary Fund, the Greeks has troubled in recent days emptied their bank accounts in the fear of a national bankruptcy.
Problems for everyone
According to news agency AP, the ECB agreed on Friday on a temporary emergency loan to fill the Greek banks’ dwindling funds. However, it is unclear how large the temporary loan will be. Yesterday meeting between Eurozone finance ministers was canceled without a settlement reached on the Greek debt crisis.
At an appearance in St. Petersburg today, Greek Prime Minister Alexis Tsipras said that the crisis is a problem for the whole European Union and not just Greece and the EU must now choose between solidarity with Greece or to continue with the useless austerity package.
– The EU must get back to its basic principles. Solidarity, democracy and social justice. It is impossible when you stick to a tightening line leading to poorer social justice and that aggravates the crisis, said Tspiras.
Rabbit in the Hat
It is also becoming increasingly clear that frustration is increasing between the parties. Today, European Commission President Jean Claude Juncker said that he does not understand Tsipras stance in the talks.
– My confidence in him is not answered, says Juncker to the German magazine Der Spiegel.
Juncker says that Prime Minister Tispras have not understood the seriousness of the situation without Greece’s attitude has been that anyone in Europe will pull a rabbit out of the hat at the last second.
Time is ticking for Greece, the 30rd of June they must pay back 1.6 billion euros to the IMF, in order to get a final payout of the 7.2 billion euros. In the current situation Greece lacks the money and the crisis exacerbated now by the day.
Lenders IMF, EU and ECB requires far-reaching reforms for Greece and today German Finance Minister Wolfgang Schäuble said that he does not consider it likely that Greece will carry out the necessary reforms to revive the country’s ravaged economy.
Poland, however, are not members of the euro zone choose on Monday to convene an extraordinary Government meeting to prepare the country for a situation where Greece is forced out of the euro zone.
– We must prepare for this. We are not part of the euro zone, but we are part of the EU, says the country’s Prime Minister Ewa Kopacz.