Prime Minister Alexis Tsipras has told international creditors Greece could accept their bailout offer if some conditions were changed, but Germany said it could not negotiate while Greece was headed for a referendum on the aid-for-reforms deal.
The European Central Bank held a crucial cash lifeline for Greece unchanged on Thursday, a person familiar with the discussion said, as the head of the Bundesbank objected to the way Greek banks are being funded
The European Union bluntly warned Greek Prime Minister Alexis Tsipras on Thursday that time was up and he should stop playing with his cash-strapped country's future and instead take crucial decisions to avoid a devastating default.
Greece stepped up diplomacy with euro zone partners on Tuesday to try to avert a potentially catastrophic funding crunch this month, when it must make a big debt repayment to the IMF as cash reserves dry up.
The characterisation of Europe as “elderly and haggard” by Pope Francis is an accurate one, but on Dec. 4 the European Central Bank could lay the groundwork to try and revitalise the region's sagging economy. And though quantitative easing might be justified on inflation levels (prices are likely to weaken further on falling commodity prices)--Draghi clearly faces tough opposition within the ECB, hence QE hasn't happened yet.
On Friday, ECB President Mario Draghi delivered a damning indictment on the Eurozone economy, saying that underlying growth momentum remains weak, the economic situation in the euro-area remains difficult and that the inflation situation has become more challenging.