Donald Tusk, President of the European Union Council, has been resisting Greece's demand for an emergency leaders' summit on its troubled bailout program. Finance officials need to agree within days on required reforms after resuming talks, argues the EU in support of his resistance.
Alexis Tsipras, the Greek Prime Minister, has requested on Wednesday for a meeting of leaders from 19 European countries. Tusk has responded in a skeptical voice saying the finance ministers need to make more progress so that the leaders may intervene, reports The Seattle Times.
Member countries of the European Union and International Monetary Fund (IMF) have been negotiating with Greece to way out a bailout program. Greece needs to agree with the reforms and cutbacks proposed by the negotiating creditors, according to a report published in The Province.
Greece has reached an agreement with the creditors on demanded austerity measures worth 3% of GDP or €5.4 billion by 2018. However, there is still disagreement over implementation of savings for additional €3.6 billion, if deemed necessary, reports Fox News. Tsipras left-leaning government expects for a successful conclusion of the ongoing negotiations. The outcome will then get placed before a meeting of the EU finance minister for approving the credit agreement. The finance minister's summit is scheduled to take place on Thursday. An agreement with the creditors is essential for Greece to relieve itself from crippling debt burden. Moreover, without securing credit from the ongoing negotiation, Greece will be unable to make scheduled payments to its creditors in the early summer. In response to the Greek Prime Minister's call, Tusk has committed to consult with the top officials from the euro-zone and the EU Executive Commission. However, he has cited the need for setting another meeting date by which the negotiating parties will reach to a deal. Meanwhile, Greek Labor Minister George Katrougalos has warned that his government won't accept additional actions beyond the agreement signed last summer. Greece has abandoned its core anti-bailout policies while signing up a third rescue loan deal worth around €86 billion at that time after defaulting on its debt payment. The same scenario may take place again during this summer if the ongoing bailout negotiations fail. Even Greece may have to witness a catastrophic exit from the euro-zone.
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