Time is running out for Greece as eurozone finance ministers continue a fourth day of negotiations in Brussels ahead of the EU summit next week. European leaders have become increasingly frustrated with the Greek government’s refusal to accept the latest proposal from creditors that would release $8 billion of bailout funds. Greek Prime minister Alexis Tsipras is standing firm against the eurozone’s demands for deeper spending cuts, higher VAT charges and a reform of the pension system. German Finance Minister Wolfgang Schaeuble expressed his concern that Greece has ‘moved backward’ in terms of its demands, adding that ‘the decision lies exclusively with those responsible in Greece.’ Even if a deal is struck before the June 30th deadline, prime minister Tsipras must then pass the new terms through his parliament, as must other European countries. Despite the turmoil and uncertainty in Greece the stock market seemed optimistic that a deal could still be reached, with Greek bonds and stocks both trading higher since the start of the week.
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