EU Summit: No debt relief, no QE for Tsipras

EU members states agree on Greek PM’s positions on refugee crisis

After the failure to receive any kind of promises regarding a debt relief by his EU partners at the Brussels 2-day EU Summit, Greek PM Alexis Tsipras returns to Greece to weigh his options and plan the government’s next move. In a press conference, Tsipras lowered the expectations by setting the main goal for Greece to be included in the ECB quantitative easing program in the upcoming December EuroGroup meeting. The common theme coming out of the Greek PM’s meetings in Brussels with German Chancellor Angela Merkel, French President Francois Hollande, EP President Martin Schulz, EC President Jean Claude Juncker and UK PM Theresa May was that economic reforms in Greece had to be sped up. The Greek side argued it had kept its part of the deal and now expected talks on the Greek debt restructuring to start, as promised. This is the narrative the Tsipras administration is planning to adopt over the upcoming weeks in an effort leave all options open, in the event his government is forced to compromise anew with the creditors or chooses to call early elections if Greece fails to win a debt restructuring or quantitative easing by the end of 2017. The EU Summit mainly focuses its attention on the urgent matter of the refugee and migrant crisis. The majority of EU member-states echoed the main concerns raised by the Greek PM on the issue, who pointed out that solidarity was necessary not in words but in actions, accusing some member-states of implementing this principle in a “flexible” way that showed double standards.