German economy minister nixes Israel visit due to Greece crisis

Through the weekend, Greeks fearful of capital controls and a run on their banks lined up to withdraw their funds.

By
June 28, 2015 12:06
1 minute read.
Athens

A man holding a Greek flag walks on central Syntagma square in Athens.. (photo credit: REUTERS)

 
X

Dear Reader,
As you can imagine, more people are reading The Jerusalem Post than ever before. Nevertheless, traditional business models are no longer sustainable and high-quality publications, like ours, are being forced to look for new ways to keep going. Unlike many other news organizations, we have not put up a paywall. We want to keep our journalism open and accessible and be able to keep providing you with news and analyses from the frontlines of Israel, the Middle East and the Jewish World.

As one of our loyal readers, we ask you to be our partner.

For $5 a month you will receive access to the following:

  • A user experience almost completely free of ads
  • Access to our Premium Section
  • Content from the award-winning Jerusalem Report and our monthly magazine to learn Hebrew - Ivrit
  • A brand new ePaper featuring the daily newspaper as it appears in print in Israel

Help us grow and continue telling Israel’s story to the world.

Thank you,

Ronit Hasin-Hochman, CEO, Jerusalem Post Group
Yaakov Katz, Editor-in-Chief

UPGRADE YOUR JPOST EXPERIENCE FOR 5$ PER MONTH Show me later

German Economy and Energy Minister Sigmar Gabriel on Sunday canceled a planned visit to Israel marking 50 years of German-Israeli economic ties to focus on the Greek euro crisis.

For months, Greece has been negotiating the outlines of a continued bailout plan to keep it afloat. But prospects for a deal faltered dramatically over the weekend.

Be the first to know - Join our Facebook page.


Despite signs of optimism from negotiators, Greek Prime Minister Alexis Tsipras announced he would put the deal on discussion to a national referendum on July 5. He urged his countrymen to vote against the proposal.

The referendum will force Greek voters to choose between an austerity and reform package demanded by European creditors and the International Monetary Fund, or a rejection of such measures, which is likely to force Greece out of the euro zone. Through the weekend, Greeks fearful of capital controls and a run on their banks lined up to withdraw their funds.

The timing of the referendum, five days after Greece is likely to miss a €1.5 billion loan repayment to the IMF, has also raised concern that events will spiral out of control before a single ballot is cast.

IMF Managing Director Christine Lagarde said the organization will not give Greece leeway on the payment deadline. The European proposal in question on the referendum would no longer be on offer by next Sunday’s vote, she said.

German Deputy Minister Brigitte Zypries will fill in for Gabriel on the trip, which is set to include a business delegation from major German companies including Merck, Deutsche Telecom, Deutsche Bank, SAP, Bosch and BMW. The delegates are to take part in a Israel-Germany Innovation Day event that will include Economy Minister Arye Deri and executives from major Israeli businesses.

JPOST VIDEOS THAT MIGHT INTEREST YOU:

Join Jerusalem Post Premium Plus now for just $5 and upgrade your experience with an ads-free website and exclusive content. Click here>>

Related Content

Workers strike outside of the Teva building in Jerusalem, December 2017
December 18, 2017
Workers make explosive threats as massive Teva layoff strikes continue

By MAX SCHINDLER