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Greece in crisis: Close to the threshold

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Greece in crisis

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An incoherent proposal from the Greek government opens a new chapter in the crisis

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“THE crisis has commenced,” declared Michael Noonan, Ireland’s normally mild-mannered finance minister, as he left today’s Eurogroup meeting in Brussels. It is hard to disagree. One week ago Greece-watchers were wondering whether Alexis Tsipras’s left-wing government could strike a deal with its creditors in time to unlock the bail-out money it needs to avoid defaulting on a €1.5 billion ($1.7 billion) IMF payment due on June 30th. It is a sign of how quickly matters have deteriorated in the last 24 hours that the IMF bill, which will now surely be missed, is now a sideshow. Instead, after Mr Tsipras unexpectedly called a referendum over the creditors’ latest offer, the question is whether there is still a place for Greece inside the euro zone.
On July 5th, assuming Mr Tsipras’s plan holds, Greeks will vote on whether to approve a set of reforms and fiscal adjustments proposed …

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