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Bosonic

(3,746 posts) Mon Jun 15, 2015, 07:44 AM Jun 2015

EU needs to prepare for 'state of emergency' in Greece

Source: Reuters

The European Commission needs to make plans for a 'state of emergency' in Greece from July 1 if Athens does not reach an agreement with its creditors, Germany's EU Commissioner Guenther Oettinger said on Monday in Berlin.

"We should work out an emergency plan because Greece would fall into a state of emergency," Oettinger, who is also a senior member of Chancellor Angela Merkel's Christian Democrats said, citing the need to ensure access to energy and medicine.

"I think that the Commission needs to work out a plan that could avert a worsening of the situation in the event that Greece leaves the euro zone, in the event of a bankruptcy."

The Greek government stuck to demands on Monday that its creditors propose less harsh terms for a cash-for-reforms deal after talks collapsed, bringing Athens one step closer to a default that could tip it out of the euro zone.

Read more: http://www.reuters.com/article/2015/06/15/eurozone-crisis-greece-oettinger-idUSL5N0Z10ZW20150615

8 replies

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Highlight:

EU needs to prepare for 'state of emergency' in Greece (Original Post) Bosonic Jun 2015 OP

if Greece leaves the Euro Zone, then why would the European Commission magical thyme Jun 2015 #1

I dont think they are cstanleytech Jun 2015 #2

oh, ok. that makes more sense. crappy writing strikes again... magical thyme Jun 2015 #3

Because the European Commission is for the European Union, not the euro zone muriel_volestrangler Jun 2015 #4

What would cause THAT is if the liberal government caved on what it ran on.... Spitfire of ATJ Jun 2015 #5

Europe draws up Greek capital control plans as default is 'all but a certainty' Bosonic Jun 2015 #6

ha ha ha....any smart person in Greece took their money out months ago dixiegrrrrl Jun 2015 #7

This is why the UK should get out of the EU. roamer65 Jun 2015 #8

magical thyme

(14,881 posts)

1. if Greece leaves the Euro Zone, then why would the European Commission

Reply to Bosonic (Original post)

Mon Jun 15, 2015, 07:49 AM

Jun 2015

make plans for the "state of emergency" in Greece?

It will be interesting to see what *their* plans are for *Greece's* state of emergency. Could this be a blueprint for all our futures?

cstanleytech

(26,365 posts)

2. I dont think they are

Reply to magical thyme (Reply #1)

Mon Jun 15, 2015, 08:35 AM

Jun 2015

as the quoted parts of the article are ones of them talking about preparing making a plan for the EU itself and not about making plans for a state of emergency inside Greece.
In other words it reads more like the reporter needs to edit their article for better accuracy.

magical thyme

(14,881 posts)

3. oh, ok. that makes more sense. crappy writing strikes again...

Reply to cstanleytech (Reply #2)

Mon Jun 15, 2015, 10:13 AM

Jun 2015

off topic, but I'm hooongry! and I can't even bear to look at your coffee and donut, lol.

Past time for my breakfast break...

muriel_volestrangler

(101,421 posts)

4. Because the European Commission is for the European Union, not the euro zone

Reply to magical thyme (Reply #1)

Mon Jun 15, 2015, 10:22 AM

Jun 2015

First of all, if things are fucked up by July 1st, that doesn't mean that Greece automatically leaves the euro zone then. People may decide that is what will have to happen, but that is part of the making plans.

Secondly, the Commission is the bureaucracy of the European Union, not of the eurozone (ie the countries that use the euro). Several EU countries have their own currency, and the plan they come up with may well be with Greece staying in the EU. The EU takes some taxes from member countries, and redistributes them as subsidies, programmes and so on. So the financial state of a member country is always important to the European Commission.

An exit from either the euro zone, or the whole EU, should be planned, rather than made up on the spot, in any case.

Spitfire of ATJ

(32,723 posts)

5. What would cause THAT is if the liberal government caved on what it ran on....

Reply to Bosonic (Original post)

Mon Jun 15, 2015, 02:19 PM

Jun 2015

Namely, protecting pensions.

Bosonic

(3,746 posts)

6. Europe draws up Greek capital control plans as default is 'all but a certainty'

Reply to Bosonic (Original post)

Mon Jun 15, 2015, 02:40 PM

Jun 2015

Eurozone prepares capital controls plans for Greece

German paper Suddeutsche Zeitung is reporting that eurozone leaders and the ECB are drafting plans to impose capital controls in Greece in the absence of a deal this weekend.

The paper says Greece will be handed an ultimatum deal and be faced with draconian measures if it doesn't get closer to a deal during a eurozone finance ministers meeting this week.

Capital controls were last imposed in the eurozone in Cyprus in 2013, but were done at the request of the government after the ECB threatened to withdraw its emergency assistance to the country's banks. Capital control can only be imposed at the behest of a member state in the eurozone.

Measures such as deposit withdrawal limits and an enforced bank holiday would help stem the flight of money from the banking system which reportedly reached €400m today.

http://www.telegraph.co.uk/finance/economics/11674609/Greek-talks-break-down-live.html

dixiegrrrrl

(60,010 posts)

7. ha ha ha....any smart person in Greece took their money out months ago

Reply to Bosonic (Reply #6)

Mon Jun 15, 2015, 08:33 PM

Jun 2015

and capital controls are a sure sign of locking the barn door, etc.

roamer65

(36,748 posts)

8. This is why the UK should get out of the EU.

Reply to Bosonic (Original post)

Mon Jun 15, 2015, 11:29 PM

Jun 2015

Berlin controls it.

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