Eurozone Meets Today On Greece

Looks like today will be a decisive day for Greece. After rejecting a Greek proposal for a six-month extension to its euro zone loan agreement on Thursday, all eyes are focused on today’s scheduled meeting of euro zone finance ministers .

Germany has declared that the latest Greek move was “not a substantial solution” because it did not commit Athens to stick to the conditions of its international bailout. Berlin’s position set the scene for tough talks at today’s meeting. Greece’s leftist-led government is scrambling to avoid running out of money within weeks and faces pressure to make further concessions in Brussels.

As the biggest creditor and EU paymaster, Germany has the clout to block a deal and cast Greece adrift without a lifeline, potentially pushing it towards the euro zone exit. But some officials in other capitals saw the German response as tactical and forecast agreement by the weekend after more wrangling.

Greece Isolated

Despite some encouragement from those who saw Greece’s move as a step forward, Athens remains isolated. Euro zone officials agree with Germany that Greece must commit more clearly to abiding by its current credit terms.

A Greek official said Prime Minister Alexis Tsipras had a 50-minute telephone call with German Chancellor Angela Merkel on Thursday, believed to be their first substantive exchange since the Athens government was elected on Jan. 25.

“The conversation was held in a positive climate, geared towards finding a mutually beneficial solution for Greece and the euro zone,” the official said. Tsipras also spoke to French President Francois Hollande, who, according to a Greek official, promised to raise the issue with Merkel when she visits him in Paris on Friday.

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Author: Travis Esquivel

Travis Esquivel is an engineer, passionate soccer player and full-time dad. He enjoys writing about innovation and technology from time to time.

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