Greece was given an ultimatum to reform by this Sunday or else. The EU indicated it had been trying to work with the country for half a decade to resolve her financial problems.
Reform or Go
The Greek Prime Minister, Tspiras, first has to meet an earlier deadline of tonight (July 9, 2015). By then, he must submit a detailed, workable, written plan aimed at correcting what some characterized as its inequitable, inefficient tax system and bloated bureaucracy.
The government was informed that, should it fail to comply, a process for the Grexit is ready.
Parliament Appearance
The Prime Minister of Greece addressed the European Parliament on Wednesday July 8, 2015. DW TV featured a clip from the session.
After his speech, a number of EU parliamentarians replied.
In EU President Donald Tusk’s response, he directed four points to Tsipras and, by extension, the Greek government. According to the AFP story in the Jamaica Observer the first point was,
“Debts are debts, however, and must be repaid” and the Greek crisis is “not a morality story” where creditors are bad and the debtor simply an “innocent victim”.
He said that it is simply impossible to keep spending more and more over a long period without paying the consequence.
Referring to Russia, the former Polish Premier and current EU president, said,
“Seek help among your friends and not among your enemies, especially when they are unable to help you,”
President Tusk added,
“Finally, if you want help from your friend, do not humiliate him”.
In other words, don’t call your creditors “terrorists”.
UPDATE: CCN Money reported that Tspiras had submitted its economic proposal in time. But this is only the first hurdle.
Photo credit: Sotiris Marinopoulos
Read a Financial Times blog about Grexit here
