PM convenes on Monday an extraordinary summit of the Eurogroup in … – Politics

Donald Tusk has long resisted convening a summit of euro zone leaders on the crisis in Greece. The head of the European Council and the people around him thought that the euro zone leaders meeting makes sense only if the horizon is drawn to the shape of the creditors agreement with Athens. He did not want to engage in a discussion of prime ministers who can not bring a solution to the crisis.

He had to change his mind. On Thursday, about Greece once again talked euro zone finance ministers, but proceedings ended after an hour. Athens announced that they do not accept the reform program proposed by the creditors, did not go well with their own ideas. In turn, the euro zone does not want to continue to keep the Greeks without the promise of government Syrizy that reform the state. The last meeting of finance ministers was no exception – like a fruitless discussions underway since February.

However, Greece is getting closer to financial collapse. Time has until 30 June. De facto already ceased to pay off debts. It does not bankrupt just because the International Monetary Fund agreed that all loan tranches falling in June repaid a total at the end of the month. Without the help of the eurozone later Greece will gradually lose liquidity. For the government only salvation will be Grexit – abandon the euro and return to national currencies.

For the zone Greek exit from the currency union would be manageable in economic terms, but Grexit could weigh on the future of European integration. Membership in a monetary union would no longer, as previously believed, irrevocable. Indebted countries instead to reform, could decide to return to national currencies. After a possible exit of Greece stronger capitals could also begin to think about stuffing further indebted countries from the zone. The process of integration would be in the back.

Tusk tones to wait before Monday’s summit. Already he announced that the meeting of the leaders will not solve Greece’s problems that need to be further talks at a technical level. If you want to save the Union in its present form, must lead to a political breakthrough that will allow creditors to conclude an agreement with Athens. Paradoxically, the fate of the Union and the euro zone depends on whether its ranks and unpredictable remain indebted Greece.