Heard in Europe

There are “actors” in the Greek Crisis negotiating room who want to push talks right up to the 30 June default deadline, which – if missed – could send the bankrupt country crashing out of the European Union.

After Eurozone finance ministers closed their Greece meeting in less time than it takes to play a football match, Heard in Europe spoke to a well-placed source late last night (24 June).

Talks could drag on to Saturday and even beyond, to 30 June, the source said, blaming “actors in the room”, who were willing to push discussions right to the wire.

A major difficulty will be ensuring any agreement is legally watertight in such a tight timeframe.

Iconic Greek Finance Minister Yanis Varoufakis was conspicuous by his absence, the source sniped, despite it being a Eurogroup event.

The reason the Eurogroup was adjourned so quickly was that there was no “staff-level” agreement between Greece and its creditors.

The deal is needed to provide a legal basis that could ultimately unlock the tranche of aid that Greece needs to avoid default, and potentially crashing out of the EU. So finance ministers decided there was no point in continuing talks.

They opted instead for a quick debrief before sending their officials to resume negotiations between Greece and its creditors – the EU, International Monetary Fund and the European Central Bank.

The next step is another Eurogroup at 1PM, just three hours before the summit of EU leaders is meant to start.

An early deal is looking less and less likely…and did we mention any eventual pact needs to be ratified by the Greek parliament as well?

>>Read: Eurogroup on Greek crisis breaks up after 90 minutes

Photo courtesy of EU Council and Flickr. Published under a Creative Commons licence.

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