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Germany Approves Temporary Grexit Plan – Reports

© AFP 2021 / POOL / PHILIPPE WOJAZER Greek Prime minister Alexis Tsipras (L), German Chancellor Angela Merkel (2ndL), European Commission President Jean-Claude Juncker (2ndR) and French President Francois Hollande (R) meet at the European Union (EU) headquarters in Brussels on July 7, 2015
Greek Prime minister Alexis Tsipras (L), German Chancellor Angela Merkel (2ndL), European Commission President Jean-Claude Juncker (2ndR) and French President Francois Hollande (R) meet at the European Union (EU) headquarters in Brussels on July 7, 2015 - Sputnik International
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Greece’s temporary exit from the eurozone was approved by German Finance Minister Wolfgang Schaeuble and Chancellor Angela Merkel, the German ZDF television channel reported Saturday, citing a government source.

BERLIN (Sputnik) — On Thursday, Greek Prime Minister Alexis Tsipras presented a loan request in exchange for spending cuts, tax hikes and pension reforms to the creditor institutions.

French Minister of Economy, Industry and the Digital Economy, Emmanuel Macron speaks as he takes part in the New Economy Forum in Madrid on July 10, 2015 - Sputnik International
French Economy Minister Says Debt Load on Greece Should Be Eased

"Schaeuble’s plan of Greece’s exit from the eurozone is approved by Merkel, [Gemany’s Vice-Chancellor] Gabriel is also informed, according to the government circles," ZDF’s employee said on Twitter.

Dutch Finance Minister and chair of the eurogroup Jeroen Dijsselbloem speaks during a media conference after a meeting of eurogroup finance ministers in Brussels on Saturday, June 27, 2015 - Sputnik International
Eurogroup Head Says Lack of Trust in Greece Key Issue in New Bailout Talks
Earlier, the German FAZ newspaper reported that Germany’s Ministry of Finance declared Tsipras’ loan request "unsatisfactory" and that Athens will leave the eurozone for 5 years maintaining the EU membership. However, Greek officials taking part in Saturday’s Eurogroup meeting on the debt issue denied the reports.

Greece is struggling with a deep economic crisis and is unable to repay its estimated $270 billion debt to its international creditors, including the International Monetary Fund (IMF), the European Central Bank and eurozone nations.

A 28-member EU summit on Greece’s debt issue and whether to accept Tsipras’ proposal is to be held later in the day.

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