Greece to present new reforms to Eurozone leaders

An EU emergency summit will be held today on Greece. A final chance will be given a final chance to the Greek government to present a new reform plan to the Eurozone leaders despite a hardening attitude to Greece in many of the Eurozone member countries after the Greek referendum on Sunday. Greeks voted no on previous bailout terms.

But Eurozone officials said leaders were unlikely to agree to restart rescue talks to keep Greece in the currency union at a hastily convened summit in Brussels, despite the Greek overture.

The European Central Bank tightened the screw on cash-starved Greek banks on Monday evening when it required them to stump up more assets in exchange for emergency loans. It did not reveal the scale of its adjustment to the collateral rules, but expects all four of Greece’s largest banks to retain access to the loans. It kept the cap on these loans at a total of €89bn.

The ECB may have to ask Eurozone leaders to guarantee Greek government debt for use as collateral to maintain its liquidity lifeline. Greece’s banks will remain shut until at least Thursday.

Many officials involved in the talks said there was little willingness to concede on any front, and warned there was not a clear path towards a deal that could avoid a messy default when a €3.5bn bond owed to the ECB comes due in two weeks.

The post Greece to present new reforms to Eurozone leaders appeared first on Forex Circles.

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