Lucas Papademos, the Prime Minister of Greece has summoned its political allies to a quick and uncalled meeting on Sunday after it negotiated for hours with the European Union and the International Monetary Fund bailout auditors but didn’t succeed in producing a rescue deal.
An accord has now come on the frontline for Sunday for the indebted Greek nation to avoid a debt default in March. Evangelos Venizelos, the Finance Minister of the indebted nation cautioned before the meeting that will take place around 1300 GMT.
Jean Claude Juncker, the chief of the European group further pressurized the Greek nation, as it threatened to cut off its fund if the reforms that are required to help it avert a default start stalling. Talking to Spiegel, Juncker said that if they see that everything is failing in the indebted Greek nation, there will not be a new finance program.
He said that everything must get concluded tonight, which is Sunday night, so that they can be in line with the timetable given the bond maturities which are in March.
On the other hand, the finance minister warned that Greece is on a knife edge.
Greece has been in talks with the IMF and European Union, as well as the European Central Bank discussing if more action is required to unlock another rescue deal for the European zone worth 130 billion euros which has been on hold since October last year. According to Lucas Papademos’s office, more negotiations with public lenders will start around 1100 GMT.
Greece is under an incredible amount of pressure since an agreement is required with the private lenders to clear the 350 billion euro worth of debt of the country, as it faces loan repayments of $19 billion on the 20th of March.
On Sunday, a senior official from the government said that superhuman negotiations with the troika auditors had made some progress but there are still some gaps.
