EU SNUBS GREECE, JUNKS REQUEST FOR HIGH-LEVEL SUMMIT

EU SNUBS GREECE, JUNKS REQUEST FOR HIGH-LEVEL SUMMIT

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EU SNUBS GREECE, JUNKS REQUEST FOR HIGH-LEVEL SUMMIT

– EU Chief Rejects Greece’s Request for Emergency Summit

– European Finance Ministers Urged to Resume Deliberations

EU SNUBS GREECE, JUNKS REQUEST FOR HIGH-LEVEL SUMMIT
Donald Tusk, EU President

EU SNUBS GREECE, JUNKS REQUEST FOR HIGH-LEVEL SUMMIT

The European Union has disregarded the Greece’s yearning for a summit.

The head of the European Union rejected the country’s request for an emergency meeting intended to end a stalemate over the country’s bailout.

The President of the Union, Donald Tusk said the finance ministers of the European Union needed to resume deliberations themselves within days.

According to BBC, Greece agreed to a third rescue package worth €86bn (£60bn; $94bn) last year and faces a looming debt payment.

However, the country has not been able to unravel the next loan installment crisis after clashing with its creditors over more modifications.

EU SNUBS GREECE, JUNKS REQUEST FOR HIGH-LEVEL SUMMIT

Allegedly, the International Monetary Fund (IMF) and other European partners are demanding that Greece should implement further austerity measures.

They are considering generating something close to €4bn in supplementary savings or contingency money in case Greece misses future budget targets.

On the contrary, Alexis Tsipras’ left-wing government has claimed it will not succumb to any “additional actions” to what it had already agreed to last summer.

On Thursday, a special ministerial meeting was supposed to be held, but Dutch Finance Minister Jeroen Dijsselbloem, who is in charge of the Greece negotiations, cancelled it.

Considering situations, there are doubts that Greece may default on €3.5bn in debt payments due in July if a pact is not reached anytime close to now.

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Last summer, a crisis vented after Athens defaulted on its debt payments and raised the specter of an exit from the euro zone.

Nevertheless, Athens has confronted rigid opposition from voters to the austerity measures, which include politically thrilling variations to its pension and tax system.

It is already observing to device expenditure cuts that will amount to 3% of the country’s gross domestic product or €5.4bn euros by 2018.

EU SNUBS GREECE, JUNKS REQUEST FOR HIGH-LEVEL SUMMIT