The Euro Summit of 22 June has ended without a solution to the Greek issue but President Juncker has said that a final agreement will be reached this week in the European Council of 25-26 June. The general tone emanating from the Summit has been one of final ultimatum to Greece mixed with acknowledgement that the last Greek proposal was a basis upon which to build. It was also a tone of determination to break through the current impasse, as Juncker said, “because we have to”.
The Greek proposal was leaked in the course of the day and received comments from all sides. The Tsipras Government touches its red lines on pensions and taxation without fully giving in to the demands of the “Institutions”. The finance ministers of the Eurogroup will now work with it and try to present a solution for approval at the European Council. Chances are high that, while not necessarily publicising it, the Eurogroup will bring the final outcome, if there is to be one, closer to the “Institutions´” positions.