Another coming Sunday to thrash out Greece's woes

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An honorable member of the Coffee Shop Has Just Posted the Following:

looks like another black monday coming, makes no difference, world markets will stay in red this week till then and maybe after as well. gold price will surge this time!!! yeah...


Final Greek crisis meeting on Sunday as euro exit looms


Greece now has until Friday to produce a new reform plan, and all the EU leaders meet on Sunday to decide whether to accept the proposal or kick Greece out of the euro.

After five months of drama, false dawns and unpleasant surprises, Europe’s leaders are finally ready to show Alexis Tsipras the exit. Last night behind the doors of the Justus Lipsius building in the heart of Brussels, the euro-region’s leaders rounded on the Greek prime minister for destabilizing the currency union before Germany’s Angela Merkel emerged to deliver an official ultimatum.

Leaders rebel

In a tense and at times emotional meeting, Mr. Tsipras’s European peers told him he’d failed to appreciate the efforts the continent’s voters and taxpayers had made to help the Greek people and blamed him for escalating tensions across the region.

Six officials agreed to share their knowledge of the private talks with Bloomberg while asking not to be named because of the sensitivity of the historical moment.

Dutch Prime Minister Mark Rutte said a ‘miracle’ould be needed to keep Greece in the euro-region, while Malta’s Joseph Muscat said the 40-year-old had created an ‘enormous trust-gap’ with his European counterparts.

‘We have a Grexit scenario prepared in detail,’ European Commission President Jean-Claude Juncker said, using the shorthand for expulsion from the now 19-nation currency area.

The Daily Telegraph reported that the European Union faces ‘the most critical’ moment in its 64-year history, after leaders warned they had five days to prevent Greece from careering out of the euro and into a full blown humanitarian crisis.

‘Our inability to find agreement may lead to the bankruptcy of Greece and the insolvency of its banking system’, said Donald Tusk, president of the European Union, after talks between Greece and its partners ended without agreement on Tuesday night.

Emergency summit

Brussels has now convened a full emergency summit of all 28 European leaders on Sunday to thrash out a deal to keep Greece in the single currency.

‘I have no doubt that this is the most critical moment in the history of the European Union,’ said Mr Tusk who dismissed any notion that letting Greece leave the euro would not have irreparable geopolitical consequences for the continent: ‘If someone has any illusion that it will not be so, they are naive’.

Posted on 08 July 2015
http://www.arabianmoney.net/us-dolla...ro-exit-looms/


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