Greece to submit its proposal to Eurogroup

Euro-zone finance ministers are holding talks on Greece today at an emergency Eurogroup, where Greece would be expected to present its proposals. ECB΄s Mr Draghi and IMF΄s Mrs Lagarde are also expected to participate in the Eurogroup. 

The Greek FinMin is expected to present today during the extraordinary Eurogroup, which will take place in Brussels at 18:30 local time, Greece’s 4-pillar proposal to negotiate a “new contract” with EC/IMF/ECB. 

Earlier yesterday, there were rumours that EC would propose Greece is given a 6-month extension to negotiate a new deal with its creditors. At the same time, EC officials were stating that expectations are low for a final agreement on Greece this week. This is more likely during the scheduled Eurogroup next Monday, 16 February. The EC spokesman also told journalists yesterday that there is no Juncker plan at this stage.

German FinMin Mr Schaeuble reportedly clarified yesterday that there would be no negotiations on a new programme. He warned that negotiations with Greece, which wants to replace the current programme with a new one, would be dead if the govt insisted on pulling out of the current programme. He also dismissed reports that the European Commission and Greece had agreed on a 6-months programme. He also said that there was no chance on reaching a final deal at today΄s Eurogroup. 

Finally, the EU Economic and Financial Affairs Commissioner Mr. Moscovici indicated that today’s Eurogroup will be an opportunity for Greece to present its views, while discussions will take place within the context of a common framework which exists already.