Greece’s debt crisis has spawned its own awkward argot, shorthand terms great for headlines and for fast understanding of what’s going on.
European Commission President Jean-Claude Juncker has tempered expectations of a swift solution to the Greek crisis, saying “a solution is not going to appear overnight.”
Greek Prime Minister Alexis Tsipras was in Brussels for an emergency meeting of Eurozone leaders, where he will try to use a resounding referendum victory to eke out concessions from European creditors over a bailout for the crisis-ridden country.
Despite triumphing in a popular vote against austerity, Greece’s leaders July 6 faced the urgent need to heal ties with European creditors and reach a financial rescue deal to prevent it from falling out of the euro — possibly within days.
Greece’s departing Finance Minister Yanis Varoufakis resigned July 6 with the same dramatic flair with which he served, provocative and pugnacious.
Tthere was pride and defiance in Greece after a lopsided victory for the “no” forces who want the Greek government to reject lenders for more austerity.
Five Greek political parties are backing Prime Minister and Radical Left SYRIZA leader Alexis Tsipras in bailout negotiations with creditors, with the country under pressure to reach a bailout deal quickly, after Greeks resoundingly rejected more austerity in exchange for aid.
Greece’s Employment Minister said her country should ease the tension with its creditors and get a deal or be forced out of the Eurozone.
A growing number of officials from Germany, whose country put up big bailout monies for Greece, want the country ousted from the Eurozone.
After two bailouts totaling 240 billion euros, six years of depression, spending cuts and lost jobs, Greece teeters on the edge of collapse.