After the overwhelming ‘No’ in Sunday’s critical referendum and the significant political developments that followed, the Prime Minister Alexis Tsipras took the first steps towards addressing the Greek crisis by discussing the issues at hand with the opposition leaders.
On Monday’s meeting in Paris, both the French President Francois Hollande and the German Chancellor Angela Merkel stressed the need to continue negotiations with Greek authorities towards an agreement, while underlining that time is running out.
The goal now is to reach an agreement with the creditors that will ensure Greece’s position in the Eurozone, while taking off the table the possibility of a ‘Grexit’. The government will also commit to a series of measures that will bring stability to the economy and banking system, while promoting growth.
The Greek business world has highlighted the urgency for an agreement to bring stability to economy, as the divisive referendum and capital controls have frozen the market, with consumption, production, imports and exports coming to a standstill, with a dramatic effect on tourism.
As such this package of measure is estimated to exceed 8 billion euros by the end of 2016, so Mr. Tsipras will request for assistance to cover the country’s financing needs and a restructure (relief) of the public debt.
Greece’s European partners agreed to reevaluate the situation in Greece after the referendum, with the Eurogroup scheduled to convene at 2pm on Tuesday, ahead of a Summit at 7pm, expecting a new proposal from the country’s new Minister of Finances Euclid Tsakalotos.
