Eurozone finance ministers closed ranks to temper optimism that a deal on Greece was in the making, saying that expectations of a breakthrough were inflated amid confusion over new proposals intended to unlock aid.
With markets surging on hopes of an imminent accord, finance chiefs yesterday arrived for a meeting in Brussels united in dousing hopes of a rapid deal. Dutch Minister of Finance Jeroen Dijsselbloem said it was “impossible to have a final assessment” of the Greek proposals since they had arrived so late, while Irish Minister of Finance Michael Noonan said he expected ministers to have to meet again on Thursday.
“I think this day is going to be a non-entity,” Finnish Minister of Finance Alexander Stubb told reporters. “This seems to be a little bit of a Monday where we have wasted a lot of air miles, both on the finance ministers’ side and on the prime ministers’ side, because I don’t foresee a breakthrough today.”
The wave of negativity defied a rally of Greek bonds and shares yesterday after the Greek government said it had presented a new plan reaching out to creditors with measures including eliminating early retirement options as of next year. The European Central Bank added to the prevailing sentiment by raising emergency funding for Greek lenders for the third time in less than a week, according to a person familiar with the decision.
“We are coming to these discussions aiming to strike a financially sustainable agreement,” Greek Prime Minister Alexis Tsipras told reporters ahead of a meeting in Brussels with European Commission President Jean-Claude Juncker.
He was due to meet later yesterday with fellow eurozone leaders including German Chancellor Angela Merkel and French President Francois Hollande for an emergency summit on Greece.
German Minister of Finance Wolfgang Schaeuble said the finance chiefs had yet to receive the “substantial proposals” needed to prepare the ground for leaders. That might mean a two-day EU summit scheduled to begin on Thursday would be the ultimate forum for any accord.
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