With Greece “Everything Must Go Right From Now On” To Avoid Market Shock

Greek Minister of State Nikos Pappas and Deputy Foreign Minister Euclid Tsakalotos are in Brussels today, for political negotiations, Bloomberg reports, as Athens seeks to address short-term liquidity concerns on the heels of a fractious week that began and ended with fire and brimstone rhetoric from PM Alexis Tsipras.
Recapping, Tsipras penned a lengthy and scathing op-ed late last month before submitting what he called a ‘reasonable’ proposal to creditors last Monday. An emergency meeting between the EU top brass produced a draft agreement on Tuesday. Tsipras promptly shot it down, before delivering a speech to the Greek parliament on Friday during which he expressed his disappointment at the troika’s tactics and continued to insist that creditors were attempting to ‘blackmail’ Greece. Over the weekend, EU Commission President Jean-Claude Junker reportedly declined a phone call from Tsipras because there ‘was nothing to talk about.’ The Greek government has denied the call ever took place.
World leaders meeting in Germany for a G-7 summit put up a united front, after US President Barack Obama put Greece on the agenda. ‘There was unanimity of opinion in the room that it was important for Greece and their partners to chart a way forward that builds on crucial structural reforms,’ The White House said, with spokesman Josh Earnest adding that “there is obviously a deadline looming [and the President] is certainly hopeful that Greece and their partners will be able to chart this path without undue volatility.’

This post was published at Zero Hedge on 06/08/2015.