The eurogroup is said to be already focusing on Plan B, to deal with a possible Greek default and exit from the eurozone. Jeroen Dijsselbloem president of the eurogroup expressed surprise and disappointment at the sudden Greek decision and said it closed the door on future talks. German Finance Minister Wolfgang Schaeuble also claimed the call for a referendum meant that negotiations were over. The Greek debt crisis however has been far from predictable except for the fact that the Greek government has not been able to persuade the eurogroup and other creditors to pay any attention to its demands for relief from crushing austerity conditions.
BBC News reports Greece timeline: Key dates ahead
Reza Moghadan, former head of the IMF European department wrote recently in the Financial Times: “Europe is demanding implementation, in the next few weeks, of a long and comprehensive list of actions that previous governments were unable to deliver in the space of a few years.”
These impossible demands make sense if the aim is for eventual "regime change". However, it is not clear what good this would do as long as the creditors continue the present policy of demands that are politically disastrous for any Greek government to try and satisfy. However, insisting on continuing disastrous policies seems to be a hallmark of EU negotiations with Greece
Greece says it will not ask for a further bailout but without a new bailout it will not have the funds for payments this summer. The Greek debt crisis is far from over.
The Eurogroup has given the Greek government until April 20th to present to them a final list of reforms. A meeting of the group is scheduled for April 24.
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Ken is a retired philosophy professor living in the boondocks of Manitoba, Canada, with his Filipina wife. He enjoys reading the news and writing articles. Politically Ken is on the far left of the political spectrum on many issues.