19 Jun 2015
Greece debt deal: EU calls for an emergency meeting in Brussels next week – UOB
FXStreet (Barcelona) - The Eurozone Meeting on 18th June saw no deal between Greece and its creditors, but EU President Tusk called for a emergency meeting in Brussels on the 22nd June, while ECB holds a emergency session today to discuss the situation of Greek banks, according to UOB Group.
Key Quotes
“The Eurozone Finance Ministers meeting in Luxembourg on 18 June ended in acrimony and without a deal for Greece, deepening crisis as the IMF warned the Greek government that it would get no leeway to meet the IMF payment at the end of the month and avoid default.”
“EU President Donald Tusk quickly announced an emergency summit of the leaders of the 19 Eurozone countries on Monday (22 Jun) in Brussels which now comes before a meeting of all 28 EU leaders on 25-26 June. And the Greek Government must now use the remaining 3 days before the emergency Monday summit to finalise an agreement between the international institutions and Greece so that it can be submitted to EU leaders at the Monday summit.”
“Greece’s central bank warned for the first time last Wednesday (17 Jun) that Greece could suffer a “painful” exit from the euro area, and even the EU, if it fails to reach a deal.”
“Meanwhile, the ECB plans to hold an emergency session of its Governing Council on Friday (19 Jun) to discuss the deteriorating liquidity situation of Greek banks and on the agenda is a Bank of Greece request for an increase of more than EUR3bn in Emergency Liquidity Assistance, according to unnamed sources. The request (if true) comes just a day after Greece received an increase in its liquidity line of EUR 1.1bn to EUR 84.1bn and the short interval could be an ominous sign that deposit flight is accelerating in Greece.”
Key Quotes
“The Eurozone Finance Ministers meeting in Luxembourg on 18 June ended in acrimony and without a deal for Greece, deepening crisis as the IMF warned the Greek government that it would get no leeway to meet the IMF payment at the end of the month and avoid default.”
“EU President Donald Tusk quickly announced an emergency summit of the leaders of the 19 Eurozone countries on Monday (22 Jun) in Brussels which now comes before a meeting of all 28 EU leaders on 25-26 June. And the Greek Government must now use the remaining 3 days before the emergency Monday summit to finalise an agreement between the international institutions and Greece so that it can be submitted to EU leaders at the Monday summit.”
“Greece’s central bank warned for the first time last Wednesday (17 Jun) that Greece could suffer a “painful” exit from the euro area, and even the EU, if it fails to reach a deal.”
“Meanwhile, the ECB plans to hold an emergency session of its Governing Council on Friday (19 Jun) to discuss the deteriorating liquidity situation of Greek banks and on the agenda is a Bank of Greece request for an increase of more than EUR3bn in Emergency Liquidity Assistance, according to unnamed sources. The request (if true) comes just a day after Greece received an increase in its liquidity line of EUR 1.1bn to EUR 84.1bn and the short interval could be an ominous sign that deposit flight is accelerating in Greece.”