Greece Government Favours Drachma – Vows Will Not “Bow to Blackmail”
GoldCore
GoldSeek.com
Tuesday, 2 June 2015
– Merkel, Hollande, Juncker, Lagarde and Draghi in “emergency” meeting re Greece
– Bankrupt Greece must find €1.6 billion to pay IMF in June
– First instalment of €300 million due on Friday
– Leaders of EU, IMF and ECB hold emergency summit in Brussels
– 58% of Syriza membership in favour of returning to Drachma
– Unforeseeable consequences and risks of ‘Grexit’
An emergency meeting was held in Berlin last night between Angela Merkel, Francois Hollande, EU Commission President Junker, Christine Lagarde of the IMF and ECB president Mario Draghi. The meeting was reported to have continued past midnight.
The discussions were apparently aimed at formulating a “take it or leave it” offer that would be acceptable to the Syriza government that would allow the remaining €7 billion of the existing bailout package to be unlocked so that cash can be handed back to Greece’s creditors and avoid a default.
Greece, a country whose own finance minister has described it as “bankrupt” is due to pay the IMF €1.6 billion over the course of June. The first instalment of four – totalling €300 million is due this Friday.
There were fears that the country would not be able to pay its public sector wages in May demonstrating the very fragile state of its finances. It would appear that the European leadership and that of the IMF and ECB also fear the state of Greece’s finances and its ability to make its payments to the IMF this month.
A recent poll suggests that 58% of Syriza supporters would rather return to the Drachma than to remain in the single currency while severe austerity measures are imposed. Syriza have a 26 point lead over the next most popular party, New Democracy.
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