Greece Facing 'Disaster' As Talks Break Down

Written By Unknown on Selasa, 17 Februari 2015 | 10.52

Greece has been warned it faces a "disaster" after talks aimed at renegotiating its EU bailout programme broke down without an agreement.

The country has rejected a draft proposal put forward by European finance ministers at a meeting in Brussels.

Greece's finance minister, Yanis Varoufakis, said negotiations would continue and he had "no doubt" that an agreement on its debt would be reached that would be "therapeutic to Greece and for Europe".

However, he said his country would not implement recessionary measures such as pension cuts and VAT hikes.

The country's anti-austerity Syriza government recently swept to power on a promise to scrap the bailout as it stands.

But with Greece running out of money, Maltese finance minister Edward Scicluna said the country faces "disaster" unless it extends the bailout, which is due to end on 28 February.

"Greece has to adjust, to realise the seriousness of the situation," he said. "It all depends on the realisation by Greece of the real seriousness of the situation because time is running out."

The eurozone's top official, Jeroen Dijsselbloem, said a "positive outcome" was still possible if Greece asked for a bailout extension by the end of the week.

"Given the timelines we have... we can use this week but that is about it," he said.

Sky's Economics Editor, Ed Conway, said: "The talks have broken down in rather acrimonious fashion.

"The ball is once again in Greece's court. European foreign ministers leaving the talks said it was now up to Greece and its prime minister and ministers to request an extension to the deal.

"Otherwise the Eurogroup are not going to continue talking and there is the real prospect increasingly of Greece either defaulting or leaving the euro.

"The big problem is that Greece is potentially going to run out of money quite soon."


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