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GREECE – WHERE ARE WE?
Greece – where are we? In truth, little to no progress seems to have been made. Alexis Tsipras has been defiant in his stance and is not giving into the countries creditors’ demands. He instead awaits a new rescue proposal from bailout monitors – the International Monetary Fund, European Central Bank and European Commission.
Although Athens awaits a new proposal senior EU Officials are said not to move from a recently presented revised proposal which included many concessions. Mario Draghi, ECB President, states “the ball lies squarely in the camp of the Greek Government to take the next steps.”
June 30th 2015 titled the “Expiration Date” is when Greece’s €1.5 billion payment is due to IMF and there is no hope of this deadline extending. Should the payment be missed Greece would have no EU safety net for the first time in 5 years. With both sides at loggerheads on bailout funds the reality is not hitting home that default could occur leading to the much discussed “Grexit”.
If the payment is missed we enter what Mr Draghi called “Unchartered Territory” with Greece’s economy effectively being slowly suffocated and Mr Tsipras’ Government falling from power. July 20th 2015 wonderfully named “Drop Dead” Deadline is when a further €3.5bn of bond payments are due to the ECB and if these are not made Greece’s Eurozone survival looks nigh on impossible.
So, where are we? I am sure only the highest powers in Brussels’ truly know where we stand, but continuing uncertainty surrounds the Eurozone and its future. No matter the outcome, unpredictable and volatile times are still ahead of us.
If you have any queries or questions in relation to property anywhere in Europe or are concerned about how the impending volatile times ahead will affect you then please give our team a call on +44 (0) 330 1241230 we are experts in the European Property market and our friendly team are here to answer you questions.
James Bell – Director