Greek government-debt crisis

Austrian Finance Minister Hans Joerg Schelling (photo) told German radio on Tuesday he did not at the moment expect Greece to leave the euro zone after talks between Athens and eurozone finance ministers ended without progress on Monday.

Asked if Greece could go bankrupt by the end of the month and leave the eurozone, Schelling said:

By Pantelis Boukalas

A pre-election promise is by its very nature a different thing from a post-election announcement. A promise, by virtue of its timing, is insensitive to political limitations and financial terms. Announcements, on the other hand, must follow the rules of knowledge and measured reflection. They cannot be the product of selfish voluntarism.

Eurozone ministers have handed Greece an ultimatum to request an extension to its bailout programme after crunch talks collapsed, deepening a bitter standoff that risks seeing Athens bid farewell to the euro.
      

The Greek Radical Left Coalition (SYRIZA) government and its EU partners appeared to be poles apart at Monday's Eurogroup meeting on Monday when talks reached a stalemate. "We want an honorable settlement. It's not a bluff, because it's the only option we have.

Greek Finance Minister Yanis Varoufakis turned down on Monday evening an offer to have his country's bailout extended made at a Eurogroup meeting.

Varoufakis called called the conditions proposed by EU partners "vague", but added afterwards he was ready to do "anything" to have an agreement in place.

Eurogroup Finance Ministers ended their meeting without an agreement. The Radical Left Coalition's (SYRIZA) plan was accepted, but one statement proved a stumbling block:

Prime Minister Alexis Tsipras is due to announce on Tuesday at 4 p.m. to his parliamentary group the name of the man or woman he would like to succeed President Karolos Papoulias.

After the announcement of SYRIZA?s candidate, the first round of voting for the next president is due to take place on Wednesday evening at 7.30 p.m.

Greece was told that it has until Friday to request an extension to the current bailout or face the possibility of losing the pending funds after the second meeting of eurozone finance ministers in the last few days ended on Monday without an agreement between Athens and its partners.

Former prime minister Antonis Samaras spoke on the phone Monday evening with his one-time coalition partner and the head of Greece’s newest political formation to enter parliament, the centrist Potami party — shortly after a Eurogroup meeting ended on a sour note vis-à-vis the Greek bailout crisis.

Greek FinMin Yanis Varoufakis continued to express optimism over reaching an agreement with eurozone creditors following the sudden and disappointing Eurogroup meeting on Monday in Brussels.