Hopes for Greece bailout deal soar as Athens gives ‘serious Proposal’

European officials said they expect to see Greece come to an agreement with its creditor institutions by Wednesday evening, and that a deal would be announced Thursday morning. It comes as an emergency summit of Eurozone leaders was taking place over Greece but there were few prospects of them making any concrete decisions on the crisis. Earlier talks between EU finance ministers aimed at preventing Greece crashing out of the euro failed to achieve an agreement.

To enter into such uncharted waters and take up all the risk both for the eurozone and for Greece for two or three billion (euros) difference, I think it’s insane.

National Bank of Greece chief Louka Katseli

Germany’s hardline finance minister Wolfgang Schaeuble was pessimistic of a deal being reached, as was his Finnish counterpart Alex Stubb who spoke of “wasted” air miles. Greece has been kept afloat by two bailouts totalling 240bn euros, but the programme is due to expire at the end of June, on the same day the country owes 1.6bn euros to the International Monetary Fund (IMF). Some on the left of the Syriza coalition have indicated they would vote against any package which increased the hardship of the Greek people. That could trigger fresh elections and further uncertainty, five years after the debt crisis began.

I think the Greek government has finally understood that it had to send concrete and solid counter-proposals.

Pierre Moscovici, European Commissioner for Economic and Financial Affairs

Europe Greece debt