THE DOUBTS AND THE DEBTS PRECIPITATED TO THE EURO TO THE HOLE

We already have two elements catalysts. Greece of which we all waited anything and now Austria that has decided not to save the debts of its banks from now on jumps suddenly they will be the creditors those that pay the bankrupt of the banks in that they have deposited its investments in debt senior that is as much as saying that Austria doesn't become responsible for its own sovereign debt, all that we feared of Greece is that a partner of the euro area goes and he makes it without any blush, something hides behind this sure. 

At the same time we read that Mr. Tusk organizes a meeting of Tsipras with other European leaders to the margin of the European Council. The president of the European Council, it is organizing the encounter requested by the first Greek minister, Alexis Tsipras, with the German chancellor, Angela Merkel, and the French president, François Holland, confirmed today to “Efe” community sources. (At the same time we know that Tsipras will meet with Putin next month) The extraordinary meeting will take place next Thursday in the margins of the summit of European leaders that he will take place in Brussels. 

Besides the leader of Syriza and of the leaders of the two bigger economies of the European Union (UE), in the encounter they will participate the president of the European Commission (CE), Jean-Claude Juncker, and the president of the European Central Bank (BCE), Mario Draghi. Both institutions are part of the well-known triad of international creditors previously as the troika, together with the International Monetary Fund (IMF) that at the moment is not expected that he/she goes to the encounter, they indicated the sources. 

These three institutions, next to representatives of the bottom of permanent rescue of the euro area (MEDE), they maintain from the week last technical conversations with the Greek authorities in Athens and Brussels, in the call "Group of Brussels". The objective is to reach an agreement on the reformations that Greece has to apply to carry out the payment of the 7.200 million Eurus now paralyzed and to give for closed the current financial rescue to the country. 

It is clear that the first Greek minister objective will be to outline the question of the Greek debt and the state from the negotiations to the highest political level, I eat he already announced that it would be necessary if the technical conversations in course with the institutions don't prosper. 

Among point this meeting arrives the same Greek crisis and the first steps of the program of purchase of debt of the BCE he has forced to another meeting between the German chancellor and the president of the central bank. The encounter, of which one doesn't hope details transcend for via official, it started up at the 10.00 in a parallel way to the first Greek minister new diplomatic offensive, Alexis Tsipras, with which looks for to rush the negotiations in the face of the possibility that the Hellenic public arks stay shortly without effective. 

Merkel and Draghi are two elements key in the Greek crisis and they could look for since today a bigger coordination, in spite of the reticence’s of both, their final objective is that Athens remains inside the Eurozone, thing of which I am not very for sure they get it if we notice what has made Austria today without waiting to see that they negotiate Greece and the euro area means that or they are many very mad partners for so much meeting and so much patience with some Greek politicians that another thing that they lack besides Eurus it is education and diplomacy or that the decision of separating Greece of the euro is unavoidable. 

Merkel that leads the group of more countries against the surrenders with Greece, can open the hand with Athens; while Italian can revise the approaches with those that the BCE contributes liquidity to Greece, allowing that the country takes air. In the chancellor's hands sit down the tone of the negotiation of Greece with the rest of community partners for next months, to channel the discussion toward the search of some agreement type and, even, to send some sign, as opening the door to a new debate on the payment of repairs of war from Berlin to Athens. 

I suspect that Germany cannot make this and if he makes it the cascade of favors it will be endless Germany it should to all the European countries (except Spain) all the compensations that they want to request because we remember that not alone it was Greece but all Europe the one that was invaded plundered and destroyed by the III Reich. If Germany accepts to revise the agreements of compensations post the defeat and the later German unification with Greece he can sit down a precedent impossible to control.  

The BCE, and in last term, Draghi, they can also alleviate in certain measure the pressure of financial character on Athens, in spite of the fact that these decisions can be interpreted in political key, something that could harm the image of an institution that should be independent. A possibility would be that the BCE accepted the Hellenic debt in its ordinary operations of refinance again, what would reduce the type of interest notably to which the entities financial Greeks obtain liquidity of the monetary authority. 

The environment, however, is not the most convenient to maintain a rational debate around the Hellenic crisis, since the minister of Finances of Greece and Germany, Yanis Varufakis and Wolfgang Schäuble, respectively, they have been inciting the polemic in the last days with grandiloquent declarations. The first Greek minister has intended also to take advantage of the summit of this week in Brussels to celebrate a meeting to five bands with Merkel, Hollande, Draghi and Juncker, informed today the Hellenic public radio, but at the moment there has not been confirmation in this respect. 

This situation fears myself him to take to for once to make decisions in the breast of the euro area this if it is not solved quickly it took us to a labyrinth without exit in that once put of full in him some countries will get lost between their turns and others they found the exit but neither they will be 19 neither they are it again.