16 Feb
"We can not supply indefinitely a bottomless pit": the confession of the German finance minister, Wolfgang Schäuble, the German radio SWR2, Wednesday, expresses out loud what some whisper softly to the more time passes Bruxelles.Car more Eurogroup is divided over the fate of Greece. And it is to avoid the cacophony that Jean-Claude Juncker has replaced the meeting of finance ministers of the euro area in Brussels by a simple conference call.
The time of the united front of Greece is over. "Confidence is waning," says Jean-Claude Juncker. Germany and Finland have joined the camp of the Netherlands who doubt the ability of Greece to rise. The euro area, said Wolfgang Schäuble, "is better prepared than two years ago" to a default of Greece.
Berlin refers to the firewall in place for six months to avoid contagion of the Greek crisis. The European Rescue Fund (EFSF) was equipped with 500 billion euros, Italy and Spain "have made great progress," says Wolfgang Schäuble, the new EU Treaty will enter into the marble of the dogma budgetary discipline.
Letter of commitment from Samaras and Papandreou
Within the Eurogroup, the balance is now moving in favor of hard-line supporters. But the doves did not give up: "The consequences of bankruptcy would be devastating," warns the Commissioner of the euro, Olli Rehn. France should keep silent, but it is on the same line confirms there be in Brussels. Ditto for the ECB. Portugal, also in support of the EU fears that the fall of Greece does not cause his own.
The division opens the door to all scenarios. One of them is to cut the aid package of 130 billion euros. A portion of at least 30 billion to private creditors would be released to encourage them to implement their agreement in principle to reschedule Greek debt and cash losses. The rest would be postponed, probably after the April elections.
In Athens, the political class realizes the danger of isolation. "We are on the razor's edge", Evangelos Venizelos launched, the Greek Minister of Finance. "Several European countries no longer want us in the euro area and we must fight to prove that we can achieve the objectives and implement the laws passed," he added.
Threats of default, exclusion of the euro area, the parties toe the line. Antonis Samaras, the leader of the Conservative opposition, New Democracy, and George Papandreou, the leader of PASOK, Socialist Party, signed a letter committing their parties to the implementation of austerity measures introduced in Parliament last Sunday. It was one of the conditions imposed by the Eurogroup. But is this enough happen to restore confidence in Europe? Nothing is less certain.
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