A meeting between Greek Prime Minister Alexis Tsipras, German Chancellor Angela Merkel and French President Francois Hollande in Riga on Thursday night failed to yield any tangible results, even though Athens insists that an agreement with creditors is just days away.
The Greek public’s increasing scepticism about the government’s negotiating strategy has been emphasised by a new poll, which underlines, though, that opposition parties are not profiting from the growing doubts about SYRIZA.
Greece’s budget execution showed the 4-month primary surplus more than doubled year on year (YoY), reaching 2.1 billion from 1.05 billion last year, according to the Finance Ministry (MoF) final budget bulletin published on Monday.
Greece’s new unpaid taxes eased month on month (MoM) for the third straight month in April, coming in at 737 million euros from 989 million in March, according to data released by the General Secretariat of Information Systems (GSIS).
The ongoing and troubled negotiations between Greece and its lenders, as well as the weekly meetings of the European Central Bank’s governing council mean that there is growing concern about the extent to which Greek banks will continue to be able to draw emergency liquidity to cover the outflow of deposits.
Alexis Tsipras seems to have chosen his path. Whether he will manage to reach the end of it is another matter, but the prime minister’s decision to shake up Greece’s negotiating team and to issue a common statement with European Commission President Jean-Claude Juncker last week made it clear that he prefers the option of agreeing with lenders rather than being left in limbo, or worse.
Since December, the Greek banking system has been suffering from extended deposit outflows, which reached 26.8 billion euros at the end of March. Almost 90 percent of these withdrawals stemmed from time deposits, while only around 600 million euros was taken from savings accounts.