A whole night of negotiations at the Eurosummit of the heads of government of the Eurozone was not enough to reach an agreement on Greece. The meeting has now been suspended for final consultations and it is not excluded that Greek premier Alexis Tsipras will ask for time to hastily return to Athens before signing or rejecting the final compromise which, in any case, will not be light for Greece.
Hollande's and Renzi's mediation eliminated any reference to Grexit from the final draft, as German minister Schaeuble would have aimed instead, but the conditions set by Europe to unblock a new 80 billion aid program in favor of Greece are very stringent.
In essence, Europe mainly asks Athens for three commitments to grant, also through the State-saving Fund (ESM), the third aid programme:
1) approve in Parliament within three days the main reforms envisaged by the Tsipras plan itself (VAT, pensions, privatisations) plus the reform of the civil code;
2) set up a €50 billion Greek guarantee fund in Athens to assure creditors that aid will be repaid;
3) involve the International Monetary Fund in the negotiations and management of the aid plan to lighten the burden of Europe's financial commitments.
Tsipras, who made an angry gesture during the night and polemically put his jacket on the table (“Take this too” he told Merkel and the hawks front), seems willing to undertake to quickly approve the reforms but rejects or niche on the Guarantee Fund and the return of the Troika. "Greece cannot be humiliated like this," he commented.
In the next few hours it will be understood whether an agreement can be reached or not but one thing is clear: as often happens in crucial moments in history, Germany does not seem to have a farsighted vision on Europe and it is sad that the hawk has finance minister Schaeuble, who was the designated heir to Helmut Kohl's succession before the assassination attempt that partially paralyzed him, but the amateurish management of the negotiations by Tsipras (with the surprise and last resort to the referendum) and above all of the former minister Varoufakis (how do you deal with the creditors you have previously defined as "terrorists"?) have given breath to those who would like to see Greece out of the euro, even if Hollande and Renzi have mitigated the very harsh conditions initials placed by the Germans.
