ATHENS: German Chancellor Angela Merket has denied possibilities of new negotiations with Greece until after the referendum voting as proposed by Prime Minister Tspiras. Whereas, UK and Spain stand firm and ready for Grexit.
Greece is running out of time in a deadlock with Euro-zone and plea for last minute bailout extension has so far been denied. Billions of dollars in locked-up bailout funds would expire on midnight Tuesday after defaulting on IMG loan and failing to accept bailout conditions.
Greek Primeir Alexis Tsipras has called upon his nation to reject Euro-zone however the nation stands divided as the conditions in Greece grow worse day by day building up on an already existing 26% unemployment rate.
European Commission President Jean-Claude Juncker however hoped that Athens would accept the deal extending that there is room for some tweaks. If Greece fails to end the deadlock it would set foot on the path to Grexit, i.e expulsion from Euro-zone sending ripple throughout European and Global economy.
In the current scenario there is an 85% chance that Greece would be facing Grexit however some experts are still hopeful that the default on the payment would not matter much in the current situation however the Greek government would not be able to stay in power much longer after they default on the International Monetary Fund payment.
Germany is the biggest creditor and Merkel, made clear that the time has run out. “This evening at exactly midnight Central European Time the program expires. And I am not aware of any real indications of anything else,”, stated Merkel in a conference.
Spanish Prime Minister Mariano Rajoy who declared their firm stance on Grexit stated that,”What would happen if Greece came out of the euro? There would be a negative message that euro membership is reversible,”.
U.K Chancellor of the Exchequer George Osborne addressing the issue yesterday also stated that Britain is ready to pay their pensioners who may continue to reside in Greece and he would roll out further measures in the budget next week.
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