The Eurogroup has proposed temporarily exclude Greece from the euro zone – RBC

Greek Prime Minister Alexis Tsipras arrived at the summit in Brussels

Photo: REUTERS 2015

The Eurogroup proposals on how to resolve the Greek crisis, which were sent to the leaders of the euro area, contains a recommendation to temporarily exclude Greece from the euro zone for a period of up to five years, reports Reuters. This capability is provided in the event of the failure of negotiations and the inability to reach an agreement with Athens. If agreement is proposed to implement a program of financial aid to Greece in the amount of more than € 80 billion.

The summit of heads of the euro area opened in Brussels on the evening of Sunday, July 12, after the finance ministers in the Eurogroup meeting failed to to agree on how to resolve the crisis. Earlier in the day he was appointed an extraordinary summit of the European Union, but the head of the European Council, Donald Tusk announced its cancellation.

The Greek Government has rejected a plan reforms and the financial recovery of the country and said it will submit it to a referendum. July 5 Greeks voted against the European plan, and Prime Minister Alexis Tsipras said that to develop a “more realistic” plan out of the crisis and present it to the creditors. Suggestions Greece hit the Eurogroup on the night of Friday, July 10.

Plan Tsipras, which included increasing the tax burden and a reduction in other costs, has been approved by the Greek parliament, but it is critically appreciated by many members of the Eurogroup. After considering his Eurogroup decision was to take the EU summit, but it canceled Donald Tusk, instead convened a summit of the leaders of the euro area.

The Eurogroup has not come to a solution that would satisfy all stakeholders. “We have prepared the text of the proposals summit, now the solution should take community leaders. There was a couple of outstanding issues which need to decide the heads of state “, – said chairman of the group Jeroen Deysselblum. As the Finance Minister of Finland Alexander Stubb, the proposal includes requirements adoption of the Eurogroup Greek Parliament needed to reform legislation until July 14. In addition, four areas have been agreed on the reform of the Greek economy, including tax issues, privatization, and other items. “All of them must be taken by the Government and the Parliament of Greece,” – said Stubb.

Previously, the newspaper Frankfurter Allgemeine Zeitung, with reference to the documents of the Ministry of Finance of Germany spoke about the proposal prepared by the exit of Greece from the euro zone for five years. At the same time, Angela Merkel said that about any write-off of Greek debt in any event be no question. She described the talks on Greece as “extremely complex” and said it strongly opposes the decision of the Greek problem “at any cost.”