Monday, 16 February 2015

Greek Crisis Talks Collapse in Acrimony as Syriza Defies EMU

THE DAILY TELEGRAPH: 'The only way to solve Greece is to treat us like equals; not a debt colony,' says Greek finance minister

Greece is on a collision course with the eurozone’s creditor powers after emergency talks ended in acrimony on Monday night, triggering the most serious political crisis since the launch of the euro.

The Leftist Syriza government reacted with fury to eurozone demands that it must stick to the country’s discredited austerity plan, describing the draft text as “absurd and unacceptable”.

Yanis Varoufakis, the Greek finance minister, said Eurogroup finance ministers had ignored a deal already agreed with the European Commission for a four-month delay and a “new contract for growth”, returning instead to old demands. "The only way to solve Greece is to treat us like equals; not a debt colony,” he said, predicting that EU authorities would soon have to withdraw their latest “ultimatum”.

The talks were halted after four hours of stormy exchanges, risking a traumatic showdown that could precipitate the biggest default in world history and force Greece out of the euro by the end of the month. » | Ambrose Evans-Pritchard, International Business Editor | Monday, February 16, 2015