And now we’re laying it all out there.
On Sunday, the European Commission published the latest offer made to Greece by its European creditors — the IMF, the ECB, and the EC — as both sides continue to lay bare their hands in the never-ending negotiations.
On Friday night, Greek prime minister Alexis Tsipras announced that Greece would call a referendum for July 5 — after the June 30 expiration of Geese’s latest bailout program — to vote on whether to accept the latest reforms.
Earlier on Sunday, we highlighted a post from Greek finance minister Yanis Varoufakis, who published the complete text of his speech to Eurogroup finance ministers delivered on Saturday before the group went ahead and met without him.
Right now, it basically looks like Greece is going to default on its IMF payment due Tuesday, which may or may not pave the way for Greece to exit the euro.
In its release, the European Commission said:
Discussions on this text were ongoing with the Greek authorities on Friday night in view of the Eurogroup of 27 June 2015. The understanding of all parties involved was that this Eurogroup meeting should achieve a comprehensive deal for Greece, one that would have included not just the measures to be jointly agreed, but would also have addressed future financing needs and the sustainability of the Greek debt… However, neither this latest version of the document, nor an outline of a comprehensive deal could be formally finalised and presented to the Eurogroup due to the unilateral decision of the Greek authorities to abandon the process on the evening of 26 June 2015.
On the one hand, Tsipras and his government can argue they are simply utilising the democratic process by having Greek citizens vote on whether to continue the austerity programs which have crippled its economy over the last several years.
On the other hand, Tsipras could be seen as shirking responsibility by passing the buck on whether to agree to complex economic concessions — which have as-yet-unknown consequences, even for the most informed economists on the issue — to Greek citizens who, in fairness, are not going to be completely sure of what, exactly, they are voting on.
Below is the entire text of the European Commission’s proposals to Greece, or Fusion’s Felix Salmon put it, “10 pages of incomprehensible Eurocratese.”
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