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Hollande advises Tsipras to see Merkel as Greece protests ECB ‘blackmail’

Greece said on Thursday it would “not be blackmailed” by the European Central Bank’s (ECB) as its Prime Minister Alexis Tsipras continued a European tour that saw him meet François Hollande on Wednesday. The French president said he advised Tsipras to visit German Chancellor Angela Merkel.

French President François Hollande with Greek Prime Minister Alexis Tsipras
French President François Hollande with Greek Prime Minister Alexis Tsipras Reuters/Philippe Wojazer
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Late on Wednesday the ECB suspended an arrangement that allowed banks to pledge government bonds as collateral, despite their junk rating, because "it is currently not possible to assume a successful conclusion of the programme review".

"The Greek republic does not intend to blackmail anyone but will not be blackmailed either," was Greek government source’s response, adding that the Greek banking system "was fully secure".

France’s hard-left Left Party on Wednesday slammed the BCE’s move and called on Hollande to “denounce this act of force” during a major press conference Wednesday.

Its leader Jean-Luc Mélenchon wrote to Hollande proposing a meeting about the “inadmissible” decision.

“You are in a position to play a decisive role in the discussion that has started at the Council [of Europe] due to the importance of our country on the European political, economic and cultural stage,” he said.

Tsipras on Wednesday called for France to join him if ending austerity policies in Europe.

"We need a new accord in Europe for the return of growth and social cohesion, and in this effort we certainly need France playing a role of guarantor, a protagonist for this political change," he said after meeting Hollande. "France is a force for stability in Europe, and I think the stability of the European Union requires a change of policy, a determined turn towards growth."

Hollande said Greece should work closely with France to “share our experience and expertise on certain reforms that Greece wishes to carry out, including fiscal reform, on which we are specialists".

France has 2,031 billion euros of public debt, compared to Greece’s 312 billion euros, although Greece’s exceeds its 183-billion-euro GDP, while France’s is lower than its 2,138-billion-euro GDP.

In the meantime, Hollande said the priority was more open discussions among Europe's leaders.

"This dialogue should take place in transparency and calm and with a willingness to find a solution."

Tsipras has a plan to tackle corruption, increase tax revenues and revive the Greek economy and wants a finance package for the next four years.

Greek Finance Minister Yanis Varoufakis was to meet his German counterpart Wolfgang Schaeuble at 11.30am local time on Thursday.

German leaders have so far proved intractable on changing tack on Greece’s debt.

At his press conference Hollande said that he had advised Tsipras to go and see German Chancellor Angela Merkel, assuring him that she would be ready to meet him.
 

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