Nicolai Kwasniewski reports in Der Spiegel about the last (?) chance for Greece to avoid Grexit.
- By Wednesday night, Greece has to submit a request for an ESM program.
- After discussing the request, Euro finance ministers will ask the “institutions” to evaluate it and to assess whether the stability of the Euro zone is under threat (a prerequisite for ESM funding), the program is sustainable etc.
- Greece has to submit detailed reform proposals until Thursday. To be acceptable, they will have to satisfy stricter requirements than those the Greek voters recently rejected.
- Euro finance ministers will evaluate the proposals on Saturday.
- EU prime ministers and presidents have the last word on Sunday.
Peter Spiegel, Anne-Sylvaine Chassany and Duncan Robinson report in the FT.