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Spiegel Online
Angela Merkel relishes her reputation as queen of Europe. But she hasn't learned how to use her power, instead allowing a bad situation to heat up to the boiling point. Her inability to take unpopular stances badly exacerbated the Greek crisis.Angela Merkel was already leaving for the weekend when she received the call that would change everything. The chancellor had just had a grueling day, spending all of it in meetings with Greek Prime Minister Alexis Tsipras -- sometimes as part of a larger group, and others with only him and French President François Hollande.
They discussed debt restructuring and billions of euros in additional investments. When it comes to issues important to him, Tsipras can be exhaustingly stubborn. In the end, though, Merkel was left with the feeling the EU summit was the milestone that could quite possibly mark a turn for the better.
Reuters
France and Germany told Greece to come up with serious proposals in order to restart financial aid talks, raising pressure on Prime Minister Alexis Tsipras to compromise a day after his country voted overwhelmingly against more austerity.After a meeting in Paris, German Chancellor Angela Merkel and French President Francois Hollande said Athens must move quickly if it wants to secure a cash-for-reform deal with international creditors and avoid crashing out of the euro.
Raising the stakes on the Greek leader ahead of a euro-zone summit on Tuesday, the European Central Bank decided to keep a tight grip on funding to Greek banks, which have been closed for more than a week to avoid a massive outflow of money that could lead to their collapse.
Al Jazeera America
ATHENS — As it became clear Sunday night that nearly two-thirds of Greek voters had given a thumbs-down to the deal offered by the country’s creditors, the main square in Athens, Syntagma, erupted into an impromptu celebration. Crowds cheered and waved Greek flags. Some danced.But Monday morning, Greeks woke up with a hangover, so to speak. The jubilation evident in the square just the night before gave way to the harsh reality that a solution for Greece’s financial crisis is nowhere in sight.
The country still has to negotiate with its creditors, banks are closed, and no one knows for sure when they will reopen. For now, people cannot take out more than 60 euros a day, or about $67, and even those with cash stashed safely in deposit boxes aren’t sure they can get to their money anytime soon. Adding to people’s confusion, the country’s pugnacious finance minister, Yanis Varoufakis — one of the architects of the vote — abruptly resigned Monday morning, even though the vote went the way the government of Prime Minister Alexis Tsipras wanted.
NPR
Greeks waved flags and danced in the streets after they overwhelmingly voted to reject further austerity measures from their international creditors. But now comes the reckoning, as Greece faces the realities of an economy out of money and creditors out of patience.Here are some of the fundamental questions:
When will the banks reopen?
There's no firm date yet. The banks have now been closed a week and look likely to remain shuttered for at least a few more days. The Greeks are allowed to withdraw only 60 euros ($66) a day from ATMs. But even this won't be sustainable without new infusions of cash.
DW
Both France and Germany have urged Greece to put forward serious proposals that would allow financial aid talks to resume. Greek Prime Minister Alexis Tsipras has said there is an urgent need to lift capital controls.Chancellor Angela Merkel and French President Francois Hollande said Athens would have to move quickly to secure a deal that would keep Greece in the eurozone.
Merkel, who held talks with Hollande at the Elysee Palace, said the conditions for a bailout package had not yet been met."That is why we are now waiting for very precise proposals from the Greek prime minister, a program that will allow Greece to return to prosperity," said Merkel. The chancellor, who said Greece should put its proposals on the table this week, claimed eurozone countries had already shown "a lot of solidarity with Greece".
The Guardian
Ian Traynor in Brussels
Monday 6 July 2015 15.10 EDT Last modified on Monday 6 July 2015 19.55 EDT
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Germany and France scrambled to avoid a major split over Greece on Monday evening as the eurozone delivered a damning verdict on Alexis Tsipras’s landslide referendum victory on Sunday and Angela Merkel demanded that the Greek prime minister put down new proposals to break the deadlock.As concerns mount that Greek banks will run out of cash, and about the damage being inflicted on the country’s economy, hopes for a breakthrough faded. EU leaders voiced despair and descended into recrimination over how to respond to Sunday’s overwhelming rejection of eurozone austerity terms as the price for keeping Greece in the currency.
Tsipras, meanwhile, moved to insure himself against purported eurozone plots to topple him and force regime change by engineering a national consensus of the country’s five mainstream parties behind his negotiating strategy, focused on securing debt relief. Tsipras also sacrificed his controversial finance minister Yanis Varoufakis, in what was seen as a conciliatory signal towards Greece’s creditors.