EU Prepares for Worst as Greece Drives Finances to Brink…(EU Is Toast!)

Friday, June 12, 2015
By Paul Martin

by Radoslav Tomek Patrick Donahue
June 12, 2015

European officials are preparing for the worst as Prime Minister Alexis Tsipras’s brinkmanship pushes Greece’s finances to the limit.

Chancellor Angela Merkel urged Tsipras to accept the framework for financial aid as the German public turns against supporting Greece and euro-area officials demanded a proposal for stabilizing the country’s debt by the end of Friday. The International Monetary Fund team left Brussels earlier this week, despairing of Tsipras’s tactics.

Bank stocks plunged as Greece ruled out pension cuts and demanded a debt restructuring. Later, Tsipras’s government said it was ready to submit another counter-proposal and send a delegation to Brussels on Saturday to bridge differences on its primary surplus target.

“People are really fed up with this,” UniCredit SpA Chief Global Economist Erik Nielsen said in a television interview. “They’ve never seen anything so completely ridiculous, frankly speaking, from a debtor country.”

After four months going round in circles, diplomatic niceties evaporated in Brussels on Thursday as EU President Donald Tusk rebuked Tsipras for dragging his feet on a debt agreement. Greece has less than a week to accept the conditions for aid, with the euro area due to withdraw its financial safety net at the end of the month.

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