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The final 'last chance' for Greece?

Tuesday, July 07, 2015 - 02:13

Greece faces a last chance to stay in the euro zone when Prime Minister Alexis Tsipras puts proposals to an emergency euro zone summit. As Ivor Bennett reports, he has some support but Germany will be hard to convince.

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No motorbike, but still a rockstar reception. A stunned Euclid Tsakalotos appealing for calm from journalists as he arrived for work. If he didn't know then what he was walking into, he does now. Greece's new finance minister acknowledging it'll take more than just mild manners to solve his country's crisis. (SOUNDBITE) (Greek) INCOMING GREEK FINANCE MINISTER, EUCLID TSAKALOTOS, SAYING: "I will not hide from you that I am nervous and very anxious. It's not the easiest time in Greek history to be taking on this job." His most pressing problem, are Greece's banks. Shut for nine days already, and at least another two, after the ECB refused to grant an increase to emergency funding Without that, Greece could run out of money, giving creditors some crucial leverage at the EU leaders' summit. European Commission President Jean-Claude Juncker. (SOUNDBITE) (German) EUROPEAN COMMISSION PRESIDENT, JEAN-CLAUDE JUNCKER, SAYING: "The ball lies in the court of the Greek government and the Greek government must explain in Brussels today, how it sees us extricating ourselves from this situation." Alexis Tsipras says he's a man with a plan. And from his rivals back home at least he has support. Greece's political parties approving his proposals in Athens on Monday in a rare show of unity. But it's unclear just how much they'll differ from previous requests. Also unclear, how they'll be received. On one side is France - with President Francois Hollande appearing to show SOME sympathy to Greece's demands. But on the other side - Germany - resolute that debt relief is out of the question. Richard Hunter is Head of Equities at Hargreaves Lansdown. SOUNDBITE (English) RICHARD HUNTER, HEAD OF EQUITIES, HARGREAVES LANSDOWN, SAYING: "There's every possibility that the entirety of the Greek debt will never be repaid. And that's something where the powers-that-be within the euro zone really have to decide whether the political will which we've been seeing so far to keep Greece in, is enough to push them over this particular line." The impending doom is nothing new in Athens. After five years of crisis talks, this is the new normal. But if the papers are right, this time really is the last chance. One even declaring it's too late to prevent a catastrophe.

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The final 'last chance' for Greece?

Tuesday, July 07, 2015 - 02:13