EU warns Athens: “You are running out of time”

“Several countries and powers have clearly stated that they are running out of patience,” said the source

“Forget about snap polls!” With this straightforward phrase, sources from the EU reply to the Greek State Minister Alekos Flambouraris via protothema.gr with regard to his recent statements about the possibility of Greece going to the polls.

A source from the European Union warned the Greek government that if such a scenario comes to pass, there will be negative developments with regard to the country’s finances. The same source implied that such a decision on behalf of Athens could create reverberations in Greece’s financial system and force the European Central Bank to cut funding to the Mediterranean country for as long as it remains outside a program, i.e. from May onward.

“Several countries and powers have clearly stated that they are running out of patience. This must be understood by the Greek government, which has yet to present a comprehensive reform program with numbers,” underline the EU official.

According to the same source, the problem with the negotiations has less to do with the specific measures to be adopted (layoffs and other austerity measures) and more to do with the Greek side’s unwillingness to be specific. The objectives are the most problematic area, as several EU officials reportedly believe that if the Greek Finance Minister’s proposals are implemented, Greece will again face a liquidity problem in summer.

However, Yanis Varoufakis doesn’t seem willing at this point to talk specific numbers and this has brought the negotiations to a deadlock, the source says.