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Updated 22:30
GREEK PRIME MINISTER Alexis Tsipras said he will not step down, despite the open dissent within his own Cabinet and party, “I will not run away from my responsibilities.”
In his first interview since Monday’s plan for a third Greek bailout, Tsipras admitted that he had signed a deal that he did not believe in but that he would implement, adding it was the best Greece could get.
“I am fully assuming my responsibilities, for mistakes and for oversights, and for the responsibility of signing a text that I do not believe in, but that I am obliged to implement.”
Speaking on state TV, Tsipras said that the country’s banks may not reopen until a hard-won bailout deal with the eurozone is finalised, a process that could take at least a month.
“The reopening of the banks depends on the sanctioning of the deal, which will take place in a month.”
He added that he hoped in the meantime that the European Central Bank would raise the level of emergency liquidity assistance for the banks.
Putting up the cash
The proposals put forward to fund Greece’s third bailout – worth €86 billion – all have “political, legal and financial complications”, according to one EU leader.
The UK has tried to block any move for its taxpayers money to go towards the Mediterranean nation’s latest rescue programme, while eurozone countries are also worried about putting up more cash.
EU vice-president for the euro Valdis Dombrovskis said “several non-euro member states” had raised concerns about funding a bailout deal at a meeting of finance ministers today.
“Pretty much all options are quite difficult and have political, legal and financial complications,” he said.
Ahead of the meeting, UK Chancellor George Osborne said the “eurozone needs to foot its own bill” as plans were flagged for a pool of money from all EU members to be used to back the bailout deal.
Britain is not in the euro, so the idea that British taxpayers will be on the line for this Greek deal is a complete non-starter,” he said.
His government has been fighting one plan for the European Financial Stabilisation Mechanism (EFSM) – which is made up of money from all EU members – to be used to prop up Greece.
The Financial Times reported the UK state had made contributions to the fund thought to be worth about €1 billion.
A revival
In 2010 UK Prime Minister David Cameron announced an agreement that the fund wouldn’t be used to underwrite eurozone bailouts after it went towards supporting both Ireland and Portugal.
For the future, only members of the currency bloc were supposed to be responsible for backing bailouts in cases like the current Greek crisis.
But yesterday it was reported European Commission President Jean-Claude Juncker was looking at reviving the fund as collateral for short-term loans.
A spokesman for Cameron’s office said the prime minister believed that the original agreement stood and that the EFSM would not be used again.
If things go wrong
Finance Minister Michael Noonan said there would be no immediate budgetary implications for Ireland in a third Greek bailout, although that could change if “things were to go wrong down the road”.
The Republic has already sunk significant public money into the European Stability Mechanism (ESM) – a separate fund to the EFSM – which will be tapped to bankroll the latest rescue package.
Bilateral loans are another option that have been raised to raise some money, but like the others that would pose difficulties, EU ministers said.
Finnish Finance Minister Alexander Stubb said it would be “difficult for any member states putting fresh money without conditionality.”
In one controversial suggestion, German Finance Minister Wolfgang Schaueble proposed Greece issue IOU’s to pay pensions and other bills to save much-needed euro for debt repayments.
However that could be seen as the first step towards a return to the drachma and rekindle talk of a Grexit.
Clock ticking
Meanwhile, Greek Prime Minister Alexis Tsipras has until tomorrow to convince his country’s parliament to accept harsh terms from its creditors to secure another round of funding.
But the bailout deal also faces hurdles among German and Finnish politicians, whose parliaments are among those in eurozone countries that will vote on the latest arrangement.
Creditors estimate the country needs €12 billion to get through to mid-August after becoming the first developed nation to fall into arrears on its payments to the IMF.
It also has debts worth €4.2 billion falling due to the European Central Bank on Monday.
- With AFP
First published 12.49
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Of course thy will . Talk shit for a few weeks . And then Bury it . And we Joe soap gets screwed again
Yes the madness goes on there’s no jail waiting for any of these. Accountability will go out the window white collar crime at its best but a non tv licence payer will go to jail Oh what a country.
Accountability!!!! Your having a laugh
Nope, he’s as serious as he is deluded.
As if they already did not now it was already happening they all drink from the same source
This man’s Sr name should be MAD . . Howling mad . If he thinks we believe any thing Wil come of this . . In future keep the money in your pocket no more teddy bears or pins for me Fu@k them greedy ba@@ards
Howlin: Pleeeeeeeeease attend the PAC meeting….
Conlon: No
Howlin: ah go on pleeeeeeeeease..
Conlon: No
Howlin: Pleeeeease….I’ll be your best friend?
Conlon: No
Howlin: Ah you’re mean!
Power if Compellability? Is that the same as insisting or even asking really really really nicely?
He wouldn’t have refused unless advised to by an extremely well paid solicitor.
If he has no legal obligation to explain his actions…..and he hasn’t actually broken any laws, why would he appear?
Also……if this was a legal matter, we wouldn’t be allowed to comment!
Another of the “elite” that will get off scot free
They’ll get to the bottom of it and then what will be done? Precisely nothing!
There would be very little need for these charities if low income families and individuals were given the basic essentials of life. I am referring to the exorbitant cost of electricity, and the soon to be introduced water charges. Ireland has a surplus supply of electricity and plans are afoot to export electricity to the U.K. Why should low income families have to use their childrens allowance to pay for those utilities. In addition the USC supplement must be abolished in order to assist working people. I know this post will elicit howls of rage from those who believe that the Banksters and their Shareholders of Ireland Inc are more deserving of the taxpayers largesse than low income families and individuals who are finding it hard to pay the bills.
Howl all you want to.
This is where I stand.
1 .Free electricity and water for low income families and individuals.
2.Abolition of USC from workers pay.
I’ll take a few boxes of that free electricity stuff please…
an oireachtas committee cant hold individuals accountable they can only investigate… then report those findings back to the oireacthas where its left in their hands. should be interesting what happens… probably nothing though.
Howlin said that the PAC is “robust” and “they normally get to the bottom of things” adding that they will “pursue this until they get the full facts”……and then they will dial 999……..ya,dream on!!!!!
I am sure normal things will have nothing to do with what the public needs to know. With regards to the Mr. Conlons position how can you bolt so fast as to advise on investigating other people.
Minister for reform, dont make me laugh, i have not seen any reform, the rich get away with bloody murder while the government goes after the little people all the time, “they normally get to the bottom of things” yeah sure, and how much will it cost and how long will it take. by the way Howlin, whats your job ?, is it not to ensure this sort of shite doesnt happen, or to deflect responsibility when someone gets caught, be gone labour and take your turncoats with you.
Minister Howlin will you have a word with Del Boy rabbitte and tell him to stop making an ejit of himself, he was trying to be funny about Colm Keavney joining FF when he jumped from 3 parties himself along With Gilmore.
have your say