Greece is in a tight race with time. Cash for reforms deal must be made in the next few days, and stock markets around the world dictate their daily routine according to the news and even speculations connected to the negotiations. Ultimately, perhaps the euro currency’s fate is connected with the negotiations success. Failure would mean Greece to leave the euro zone, but official Athens believes that the euro zone partners will not let this to happen. The end of the month is the deadline for Greece to release a 240 billion euro bailout in order to escape the worse.
Yanis Varoufakis, the Finance Minister of Greece made an interview for the BBC Radio Four’s Today Program in which he said that nobody from the European officials wants Greece to leave the euro zone. ”The euro currency is tightly connected with Greece and our departure could cause more troubles. It is a sensible issue, and any European official with a common sense will try to stay out of that road. In the end, all I can say for now is that I hope that the European Union and the International Monetary Fund are bluffing” – Varoufakis said.
In the meantime, information came that the Finance Minister of Germany, Wolfgang Schaeuble made a proposal for the officials to make a plan for a system of restructuring the debts that insolvent countries may have in the future. That way, nobody’s future in the euro zone would be in danger. Later in the day, Schaeuble denied this information.
Stock markets remain concentrated on this question for the time being, as the European currency goes up and down considering all the possible outcomes.