The Greek finance ministry team is racing with time to come up with a comprehensive proposal in order to reach an agreement with creditors by Friday.
The Greek proposal will be discussed on Saturday’s Eurogroup. On Sunday, there will be a Eurozone summit, followed by a European Union summit where all 28 member states will discuss the Greek debt issue and come to a decision. The EU summit will be held because Greece’s proposal involves a loan from the European Stability Mechanism and not from Eurozone member countries only.
Greek Prime Minister Alexis Tsipras stated that, “the process will be very quick… our aim is to come to a solution by the end of the week, at the latest.” Tsipras appeared optimistic that there will be an agreement that would be mutually beneficial, viable and socially just.
The Greek proposal will be a three-year loan, according to sources within the Greek government. It will be based on the common ground the two sides have reached so far. The Greek government has to propose measures that will be acceptable by creditors and will be voted swiftly in Greek Parliament. Then Eurozone member parliaments have to approve the agreement.
The best scenario for Greece would be that Saturday’s Eurogroup will approve the Greek plan of measures and reforms, the Eurozone summit will accept it and the same would happen on Sunday’s EU summit of all 28 member states.
The worst case scenario is that the Eurogroup would reject the Greek plan and Sunday’s summits will only decide how to manage Greece’s exit from the common currency bloc.
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