By Vassilis Kostoulas
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"The ball is in Greece's court" is the phrase used by a source close to the Eurogroup's presidency this week, in describing the impasse now blocking the Greek program (third bailout), while adding that there's no possibility of any scenario to break the deadlock without precautionary measures taken by Athens to guarantee fiscal targets after 2018.
The same source told "N" that the Greek program is now, rightly or wrongly, considered a "toxic issue" for public opinion in a bevy of Eurozone member-states, which will hold general elections in 2017. As such, the same source echoed other European officials last week, who pointed to a Feb. 20 Eurogroup meeting as essentially the last deadline for Athens to resolve outstanding issues.
An extended election period then begins in Europe, beginning with general elections in the Netherlands.
"Greece has the problem, and Greece must persuade the IMF to come back to the (negotiation) table, something that is a condition for all involved parties in the Greek program," the source said, while more-or-less confirming the unfriendly climate faced by the Greek side at the venue on Thursday.
The same source also maintained that "Alexis Tsipras completely controls his Parliamentary majority", while at the same time questioning whether main opposition leader Kyriakos Mitsotakis would have the same ease in implementing "painful measures" demanded by creditors.
Asked by "N" over the possibility of a compromise which would overcome the impasse, given the categorical rejection by the Tsipras government to enact precautionary measures, the response was:
"The only formula for a solution is for the Greek government to give in. There is nothing else, and it should be done quickly, there is no time. If we do not have an agreement on Feb. 20 the institutional will not return to Athens. This is a common position by all of the parties that are managing the Greek case."
Even more ominously, the source warned of a return of the specter of "Grexit", reminding that this scenario is "a standing proposal by Wolfgang Schaeuble."
