29-06-15

cep's Gerken believes that Greece and its creditors will come to an agreement

Lueder Gerken argues that both sides stand to lose too much in the case of a failure of the negotiations

Tsipras has announced a snap referendum

cep President Lueder Gerken believes that Greece will still come to an agreement with its creditors. “Both sides stand to lose too much in the case of a failure of the negotiations,” Gerken argued.

Greece imposed capital controls and ordered banks to close temporarily on Monday following the breakdown of the bailout talks with its foreign creditors. Greek Prime Minister Alexis Tsipras had announced a snap referendum next Sunday on the terms of a deal.

Gerken welcomed that the Eurogroup did not extend the current bailout program beyond Tuesday to wait for the results of the Greek referendum. “The announcement of the referendum came simply too late,” he said.