After five months of fruitless negotiations and endless clashes with institutions and creditors, the noose is tightening around Greece. That’s why the Greek PM Tsipras has decided to transfer the responsibility to the Greek people which he unites over national causes, but this time has divided. "For" or "against" leaving the European Union and the Euro Zone. After no agreement was reached with its creditors, the Greeks formed endless queues outside banks to withdraw their scarce savings deposited over the past five years. As of Monday, however, the banks announced an expected "weekly holiday". Actually, for the past five years the vital question of "Euro" or "Drachma" has been on the agenda. And maybe some other currency could alleviate the situation.
On July 5, the Greek people will have their say as a referendum is to be called. But Greek opposition leader Andonis Samaras urges Greeks to remain calm and has asked the Prime Minister to cancel it. The European Central Bank, however, will be affected by many other factors, not even just political ones.
The German television network ZDF reported, citing the European Council President Donald Tusk, that an extraordinary meeting of European Union leaders is expected on Wednesday. If it is called, it can lead to resumption of negotiations, to preventing Greece's exit from the Eurozone, and to new hopes for an agreement before the referendum in the country and before the irreversible development of the processes.
The convening of the ministerial councils and of the parties’ leaderships in Germany and France will have only one purpose - an accurate assessment of the situation in Greece and forecasts for the further development of processes.
Echoes outside Europe are quite strong. It is no secret that China also expects "the European Union to remain united, Europe to remain prosperous and the euro to stay strong," said Chinese Premier Li Keqiang in an interview for the Handelsblatt.
Greek MEP Dimitris Papadimulis expects that the extraordinary meeting on Wednesday would lead to a reasonable compromise and prevention of the exit of Greece from the Eurozone /Grexit/. "Where there is a will, there is a way," he said.
Until then, the limitation is in force on withdrawals from ATMs in Greece at least until July 6. Although the summer is in full swing, the Europeans and the thousands of guests from around the world should better carry cash on them if they wish to spend their summer vacation in Bulgaria’s southern neighbor, despite the promise of the Greek Central Bank that the restrictions do not apply to foreigners. Otherwise, ATMs of Greek banks will allocate only 60 € per card for Greek citizens and pensions will be paid in full.
English: Rossitsa Petcova
