Greece debt crisis: EU summit cancelled as talks continue

[PoliticAverse]

A summit of all European Union members planned for Sunday has been cancelled as "very difficult" talks over a third bailout deal for Greece continue.

Eurozone finance ministers adjourned the talks last night and they have now resumed.

European Council president Donald Tusk said a meeting of Eurogroup leaders would go ahead at 14:00GMT and "last until we conclude talks on Greece".

...

The BBC's Jonny Dymond in Brussels says that rarely have EU meetings been cancelled at such short notice and with such a terse announcement.

Read the rest at: http://www.bbc.com/news/world-europe-33497353

[ladjf]

1. What does the EU expect from Greece? Have that stated that?

Other than simply pay up or else. Greece seems to be very close to being insolvent. Would the EU like for all Greeks to leave Greece so that they (EU) could claim ownership of the entire Country?

[still_one]

2. Finland is very much against the deal

Finland rejected any more funding for the country and Germany called for Greece to be turfed out of the currency bloc for at least five years.

http://www.theguardian.com/business/live/2015/jul/11/greek-debt-crisis-eurozone-creditors-meet-to-decide-countrys-fate

[DetlefK]

3. How about taxing the greek 1%?

Syriza could have pushed that through the greek parliament without problems. But they didn't.

Why?

I guess, Tsipras is intentionally NOT doing what needs to be done: If he does the right thing as a goodwill-gesture, he can longer demand money in exchange for doing the right thing.

Tsipras does not want a new Greece, a modern Greece, that sustains itself with industry and paying taxes. He wants the old, big-spending, generous feel-good Greece of the past, just without the debt.

The very minute Greece no longer has debts hanging around its neck, it will straight go back to the old ways of tax-evasion, big spending and living from loan to loan.

[ladjf]

4. Taxing the 1% sounds like a good idea.

Could that get enough money to make the payment?

[DetlefK]

5. No, but it would be a signal that the Greeks are willing to change SOMETHING.

Greece doesn't want to change, it doesn't want to change it culture or the behavior that lead to the catastrophic debt in the first place. All it wants is to make the debt go away.

If Greece DID want change, they would do so on their own, without endless negotiations with foreigners.

The greek crisis isn't about owing money. It's about the lack of trust that Greece can pay its bills. (Debts and deficits don't matter as long as you pay your bills on time.)
And the only thing that can bring back that trust is structural reforms in Greece.
If Greece were interested in reforming itself, it would do so and not use those reforms as a bargaining chip.