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Greek Plan Accepts Austerity to Get Debt Relief
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Prime minister Manuel Valls tells members of the National Assembly on July 8, 2015, - "France refuses that Greece leaves the eurozone in the name of our position and our committments." To make sure the Greek proposal is acceptable in Brussels, France sends advisors to Athens to help formulate the details of the proposal. Valls said France expected Greece to work on the reforms, including pension reforms, and modernize its economy. Germany's Schauble accepts the need for a haircut for the debt.
The critical role France under Hollande and Valls plays July 5-12, 2015, to ensure Greece remains in the eurozone
07/09/2015
France sends a delegation of advisors to Athens to help the Greek government to formulate a proposal that would be acceptable by the EU, a critical step. Another step was for premier Manuel Valls to make a public speech on French television, also broadcast on Greek television, that France remains committed to keeping the EU together. The basic change is to get Germany to accept that the debt as it is now is not sustainable without a haircut, which German finance minister Schauble accepted in a statement. Greece has to commit to pension reform and pension cuts in the original package and other austerity measures needed even in the absence of the debt for Greece to return to a financially sustainable economic model.
Grouped Articles
Greek Plan Accepts Austerity to Get Debt Relief
New York Times 07/09/2015
Greece’s Parliament Approves Prime Minister’s Bailout Plan
New York Times 07/10/2015
Economist 07/12/2015
Economist 07/11/2015
Manuel Valls of France and Dutch finance minister Dijsselbloem- two perspectives on the Greece crisis following the referendum of July 5
07/09/2015
Linked Articles
Eurozone Finance Chief Recounts Brinkmanship That Led to Greek Deal
Wall Street Journal 07/17/2015
Greek Plan Accepts Austerity to Get Debt Relief
New York Times 07/09/2015
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