EU leaders attack Tsipras - party time over for Greece

FXStreet (Mumbai) - After a 5-day ultimatum finally delivered to Greece to find to submit a detailed package of reforms by the EU following a meeting of Euro group leaders in Brussels on Tuesday, EU leaders seems to have lost patience too and publicly criticized Greek government’s behaviour to the entire Greek episode using harshest language, Bloomberg reports.

Lithuanian President Dalia Grybauskaite said, “Party time at the expense of others in Greece has come to an end,” “Europe and the euro area are surely unprepared to pay for the irresponsible behavior of the new Greek government.”

“You can’t have one country enjoying a feast, overspending and having everyone else pay for it, including our citizens with much lower pensions and wages,” added Grybauskaite.

While Dutch Prime Minister Mark Rutte said a “miracle” would be needed to keep Greece in the euro-region, while Malta’s Joseph Muscat said the 40-year-old had created an “enormous trust-gap” with his European counterparts, while also adding that the meeting would probably be a “waste of time” as the Greeks had arrived “empty-handed.”

“The referendum has practically antagonized public opinion across the EU, so we wanted to be tougher more than ever with him in our requests.”

Belgian Finance Minister Johan Van Overtveldt noted,“I expected so much from the new minister who, yes, gave us a good presentation on the situation in Greece but still no proposals,” “I only wish the Greeks realize the same urgency and seriousness of the situation as much as the rest of the Eurogroup.”

USD/JPY: Yen bulls dominate amid risk-off on Greece & China

The yen regained control against its US counterpart in mid-Asian session, sending USD/JPY closer towards 122 handle. The major erased gains seen in the last US session and fell back in red as the latest Greece developments coupled with China shocker spurred safe-haven bids for the Japanese currency. While above estimates Japanese current account data also lent a helping hand to the yen.
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