Greece heading for state of emergency and exit from the euro, warn officials after collapse of talks about bailout deal
- Europe must be prepared to step in to avoid crisis in Greece, warn officials
- Without emergency 7.2billion euro installment, Greece faces bankruptcy
- But talks over bailout deal have collapsed prompting fears country is heading for an exit from the euro
Greece is heading for a state of emergency and an exit from the euro following the collapse of talks to agree a bailout deal, senior EU officials warned last night.
Europe must be prepared to step in otherwise Greek society would face an unprecedented crisis with power blackouts, medicine shortages and no money to pay for police, they said.
Greece must reach an agreement with its creditors before a meeting of eurozone finance ministers on Thursday to get the final 7.2billion euros of its 240billion euro bailout fund.
Germany’s EU commissioner Guenther Oettinger raised concerns over how Greece would be able to pay police salaries and safeguard energy and medical supplies in case of bankruptcy
Without the emergency cash, Greece faces bankruptcy as it will be unable to make a 1.6billion euro debt payment due to the IMF at the end of the month.
This in turn would lead to a probable exit from the single currency, plunging the country – and Europe’s economy – into turmoil.
World stocks sank yesterday following the collapse of Sunday’s latest bailout talks – with the FTSE 100 down 1.1 per cent to 6,710p, the lowest close since March.
‘This is about democracy’: Greece Prime Minister Alexis Tsipiras has rejected further austerity
‘We should work out an emergency plan because Greece would fall into a state of emergency,’ he said.
‘The European Commission needs to work out a plan that could avert a worsening of the situation in the event that Greece leaves the eurozone, in the event of a bankruptcy.’
Despite the warnings, Alexis Tsipras, the leftist Greek leader elected on a pledge to end austerity, remained defiant after the collapse on Sunday of talks over what reforms the country must accept before it gets access to the bailout cash.
‘We will patiently wait until creditors turn to realism,’ he said as he rejected proposals for cuts to the country’s pensions, adding that Greece had suffered ‘five years of looting under the bailouts’.
Germany has demanded that the Athens government come to its senses.
Volker Kauder, the parliamentary leader of Angela Merkel’s CDU party, said: ‘It won’t work that Greece sets the terms and says “everyone has to dance to our tune”. Greece needs to get back to reality.’
The talks between the Greek Syriza government and the IMF, ECB and European Commission broke down after just 45 minutes on Sunday.
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