The fate of Greece and the Euro will ‘largely be decided today’: EU

The fate of Greece and the euro will “largely be decided” on Monday, the EU’s economic affairs commissioner said hours before the eurozone holds an emergency summit on Athens’ debt crisis. The European Commissioner for Economic and Financial Affairs, Pierre Moscovici said he believed a deal could be reached at the summit for Greece to avoid a default. The latest proposals submitted by Greece “go in the right direction, they can allow a base for an agreement; in other words, there is still a lot to discuss,” he said. France’s Finance Minister Michel Sapin also welcomed the Greek proposals, saying “quality work” had gone into them.

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

Earlier the office of European Commission President Jean-Claude Juncker said the proposals, which the Greek premier detailed in a phone call with German, French and EU leaders, offered “a good basis for progress”. Greece and its international creditors are wrangling to end a five-month stand-off and agree what reforms Athens will undertake to unlock the latest tranche of its multi-billion-euro bailout in time for it make its latest debt payment and avoid default by June 30. The heads of the 19 eurozone countries will hold an emergency summit on the crisis in Brussels later Monday under pressure to prevent Greece from defaulting, which could spark Athens leaving the single currency zone.

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

Greece debt Europe