Reuters gives an overview of the things to watch for today - a the end of today, it will be very busy re. Greece-news!
(I am political blogger Philippe Blankert and domain name owner of http://www.xn--jxafi7ax1b.gr/ = drachma.gr in Greek. For sale, email internetavenue@outlook.com )
OECD meeting
The Brussels talks will see Greece plead its case to the Eurozone’s 18 other members, most of whom are loath to give Athens leeway on its mountain of debt, which most analysts believe will never be repaid.
Varoufakis will ask his counterparts to forget the current €240 billion (Dh997.5 billion, $270 billion) bailout, in favour of a new arrangement that would take the plight of ordinary Greeks into account.
The Greek proposal would see Athens stick to 70 per cent of its bailout commitments but overhaul the remaining 30 per cent. Greece also wants a debt swap that will focus on economic growth.
Crucially, the government wants a bridging loan until September to buy time to hammer out new reforms.
At the same time it insists on raising the minimum wage and ditching an unpopular property tax, abandoning key reforms demanded by lenders of previous Greek governments.
Tsipras announced plans on Wednesday to work on his programme of reforms with the OECD — the economic club of rich nations that has criticised the EU’s embrace of austerity.
The programme will be based “not on what was previously decided but on popular mandate,” he told a news conference after meeting Angel Gurria, head of the Organisation for Economic Cooperation and Development.
Greece was first bailed out in 2010 and Athens is still subject to inspections by its troika of creditors — the European Commission, International Monetary Fund and European Central Bank.
It’s over
On the eve of the talks, which will also include the head of the IMF, Christine Lagarde, and ECB chief Mario Draghi, Germany’s Schaeuble dismissed any proposal of ending the current programme.
“It’s over” if Greece doesn’t want to continue the aid programme on the current terms, Germany’s Schaeuble said.
The EU’s Economic Affairs Commissioner Pierre Moscovici said the existing bailout deal was “the anchor” on which discussions should be held.
Moscovici added that while the Greek people’s desire for change should not be “brushed aside” Athens should also be mindful of voters in other European countries suffering from rescue fatigue.
Greece on Wednesday raised €1.14 billion in three-month bonds, but rates were up and demand was down for the second time in a row for the new government.
Despite European leaders seeming to be at loggerheads, analysts said investors were still confident a deal will be reached.
“The markets don’t see a Greek exit as highly likely and certainly don’t think there’s a really negative outcome looming,” Mark Lister, head of private wealth research at Craigs Investment Partners Ltd, told Bloomberg News.
GREECE-Factors to Watch on Feb 11
ATHENS
Feb 11 (Reuters) - Here are news stories, press reports and events, which may affect Greek financial markets on Wednesday:
GREEK PM EASILY WINS CONFIDENCE VOTE, EU SHOWDOWN LOOMS
Greek Prime Minister Alexis Tsipras comfortably won a confidence vote on his plan to cancel a deeply unpopular bailout programme and challenge European leaders as both sides prepare for a showdown at meetings in Brussels this week.
TIME FOR GREECE TO END DEBT STANDOFF, BUT NO PLAN B YET - AUSTRIA
There is still time for Greece to end a debt standoff with its European partners, though no Plan B is in the offing, Austria's finance minister said, adding that Athens must honour the terms of its bailout package.
GREEK FOREIGN MINISTER IN RUSSIA FOR TALKS WITH LAVROV
Greek Foreign Minister Nikos Kotzias will hold talks with his Russian counterpart Sergei Lavrov in Moscow on Wednesday amid speculation that Athens might seek financing help outside the euro zone if negotiations with its European partners fail.
GREECE SAYS CANNOT EXCLUDE CLASH IN EU NEGOTIATIONS
Greece is not seeking a clash with its European partners but cannot exclude one, its finance minister said on the eve of a crucial euro zone finance ministers' meeting to discuss the country's future.
CHINA SAYS "KNOWS NOTHING" ABOUT AID OFFER FOR GREECE
China's Foreign Ministry said on Wednesday it had no knowledge of any offer by Beijing for aid to Greece after Greece's deputy foreign minister said China had offered economic support even though Athens had not requested it.
NO PLAN FOR GREECE READY, ATHENS MUST EXTEND BAILOUT - MOSCOVICI
Greece will have to ask for an extension of its current bailout to give itself and the euro zone time to hammer out a new agreement, as there is no specific plan for Athens now, the EU's economics commissioner said on Tuesday.
GREEK DEFENCE MINISTER SAYS GREECE HAS PLAN B IF EU RIGID ON DEAL
Greek Defence Minister Panos Kammenos said that if Greece failed to get a new debt agreement with the euro zone, it could always look elsewhere for help.
GREEK FOREIGN MINISTER TAKES WAR REPARATIONS CLAIM TO BERLIN, GETS REBUFFED
The Greek foreign minister took his government's claim for World War Two reparations direct to Berlin on Tuesday and received a clear rebuke from his German counterpart.
BUNDESBANK'S WEIDMANN URGES GREECE TO MAKE "CREDIBLE" REFORM EFFORT
The chief of Germany's Bundesbank pressed Greece on Tuesday to make a credible effort to get back on its feet with tighter public finances and economic reforms, showing no willingness to bend in a standoff with Athens.
GREEK BANK DEPOSIT OUTFLOWS SLOW IN FEB- BANK SOURCES
Greek bankers said on Tuesday that deposit outflows have slowed so far in February after a sharp increase estimated for a month earlier, but savers are still uneasy over the new leftist government's standoff with its official lenders.
GREEK BANKS SOLVENT AT THE MOMENT- ECB'S JAZBEC
Greece's banks are not at risk of insolvency at the moment, European Central Bank Governing Council member Bostjan Jazbec told German daily Handelsblatt in an interview published on Wednesday.
GERMAN FINMIN:IF GREECE DOESN'T WANT NEW PROGRAMME, THAT'S IT
German Finance Minister Wolfgang Schaeuble said on Tuesday that if Greece did not want a new aid programme, "then that's it", adding that he expected to hear something binding from Athens on Wednesday.
GREEK PUBLIC STRONGLY BEHIND GOVERNMENT'S HARD LINE IN EU FIGHT- POLL
The Greek government is heading into a tough financial negotiation with European Union partners with overwhelming support at home for its positions, a poll showed on Tuesday.
GREECE AIMS TO HALT GOLD MINE, CANCEL DEVELOPMENT OF FORMER AIRPORT
Greece's new government will take steps to halt a Canadian-run gold mine project and aims to cancel a development scheme at Athens' former airport, pressing ahead with plans to roll back the country's privatisation programme.
GLOBAL MARKETS-STOCKS, CURRENCIES WARY OF GREEK CONFUSION
Asian stock markets turned cautious on Wednesday while the U.S. dollar crept higher as looming euro zone meetings to discuss the Greek debt crisis threatened to produce more confusion than clarity.
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