from The Great Debate:
“I looked into Mr. Putin’s eyes,” Senator John McCain (R-Ariz.) joked after meeting Russian President Vladimir Putin, “and I saw three things: a ‘K’ and a ‘G’ and a ‘B.’”
Greece’s decision to delay a 300-million-euro payment to the IMF today and instead try to meet all June’s payments at the end of the month was probably an act of bravado for domestic consumption but it also clarifies things.
One way or another, the end game for Greece approaches.
Last night, Greek Prime Minister Alexis Tsipras left talks with senior EU officials in Brussels saying a deal with creditors was "within sight" and that Athens would make a payment due to the IMF on Friday.
Another day of claim and counter-claim.
The Greek government said a deal with its lenders had reached the drafting stage and would not require wages and pensions cuts or reforms to the VAT regime. It didn’t take long for euro zone officials to retort that this simply was not the case and that the two sides remained far apart.
The Greek government states that a cash-for-reforms deal with the EU and IMF can be finalized in the next 10 days but the other side is much less optimistic and there was no sign of a breakthrough at the EU summit in Riga which Prime Minister Alexis Tsipras had been pinning some hope on.
Greek premier Alexis Tsipras is pinning his hopes on using an EU leaders summit in Riga with eastern European partners from Ukraine, Georgia, Azerbaijan and others to strike the broad outline of a cash-for-reforms deal to stave off default.