{"id":69213,"date":"2015-03-08T19:57:42","date_gmt":"2015-03-08T23:57:42","guid":{"rendered":"http:\/\/countingpips.com\/?p=69213"},"modified":"2015-03-08T20:40:55","modified_gmt":"2015-03-09T00:40:55","slug":"greece-ups-the-rhetoric-ahead-of-eurogroup-meetings","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2015\/03\/greece-ups-the-rhetoric-ahead-of-eurogroup-meetings\/","title":{"rendered":"Greece Ups the Rhetoric Ahead of Eurogroup Meetings"},"content":{"rendered":"
March 8, 2015<\/div>
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By FXTimes.com<\/a><\/strong><\/p>\n

Greece\u2019s far-left\u00a0coalition upped the ante on Sunday, threatening to call a referendum or fresh elections on government policy if Eurozone partners vote down proposed reforms in Brussels on Monday, which would bring Athens closer to insolvency.<\/p>\n

Six weeks after catapulting to power on the platform of \u201canti-austerity,\u201d Greece\u2019s Syriza party said on Sunday it would hold a plebiscite on fiscal policy should\u00a0the Eurozone fail to extend Athens\u2019 bailout program.<\/p>\n

Greece and its troika of international lenders \u2013 the European Central Bank, European Union and International Monetary Fund \u2013 agreed in February to extend financial aid to the cash-strapped Hellenic republic for four months,\u00a0giving policymakers leeway to negotiate more sustainable terms. However, Greece\u2019s proposed reforms are \u201cfar from\u201d complete, according to Dutch finance minister and Eurogroup president Jeroen Dijsselbloem, who received a letter from Athens\u2019 finance ministry on Friday outlining the government\u2019s revised conditions. As a result,\u00a0Greece\u2019s next bailout tranche \u2013 valued at\u00a0\u20ac7.2 billion \u2013 will be withheld this month, putting Athens one step closer to a devastating credit crunch.<\/p>\n

Greek finance minister Yanis Varoufakis will reportedly outline revised reforms at a Eurozone ministerial meeting in Brussels on Monday. Varoufakis has been at the centre of heated negotiations concerning Greece\u2019s fiscal future. His government has been accused of foul play and exhibiting poor diplomacy\u00a0since coming to power in January. The newly-elected Greek government has also strained relations with Eurozone members, not the least of which Germany, which is shouldering the bulk of Athens\u2019\u00a0\u20ac240 billion bailout program.<\/p>\n

The Syriza party came to power in January, securing 149 of 300 seats in the Hellenic Parliament. The far-left coalition promised to put an end to \u201ccruel\u201d austerity and raise the standard of living in a country that has seen its gross domestic product crumble by 25 percent since late-2007.<\/p>

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While the government has repeatedly said it is committed to the 19-member Eurozone, a failure to reach a new bailout agreement could eventually lead Greece to withdraw from the currency union. This \u201cGrexit\u201d scenario, while still far from reality, could threaten the fabric of the currency union and undermine its legitimacy.<\/p>\n

Article by fxtimes.com<\/a><\/p>\n

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 <\/p>\n","protected":false},"excerpt":{"rendered":"

By FXTimes.com Greece\u2019s far-left\u00a0coalition upped the ante on Sunday, threatening to call a referendum or fresh elections on government policy if Eurozone partners vote down proposed reforms in Brussels on Monday, which would bring Athens closer to insolvency. Six weeks after catapulting to power on the platform of \u201canti-austerity,\u201d Greece\u2019s Syriza party said on Sunday […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-69213","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/69213","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=69213"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/69213\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=69213"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=69213"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=69213"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}