The Greek government is racing against time to meet a deadline for the submission of its reform proposal to its European partners.
At 15:03 New York time (10:03 pm Greek time) the reform proposal of the Greek government concerning economic measures was rumored to have left the office of the Greek prime minister on its way to Europe.
The proposal that was expected much earlier and instead dragged on for months, involving countless Eurogroup meetings, exchanges of cables, financial and philosophical disagreements culminating in a referendum with an unclear object and an explosive result, was miraculously drafted and completed in less than 72 hours.
The recipient of this proposal would be the European institutions (especially the Eurogroup -- the informal body of the European Ministers of Finance whose main task is to ensure close coordination of economic policies among the euro area member states).
The journey of the proposal seems to be involving a detour as, instead of heading towards its ultimate destination -- Europe -- it has landed instead in the Greek parliament, where it is rumored that it will be presented to the House first thing in the morning before being in Europe. In fact, orders have been issued among the personnel of the House of Representatives to remain on duty for as long as it will be deemed necessary (possibly for a long part of the night).
This state of emergency has been declared with the enforcement of paragraph 109 of the Regulating Code of the House, which is labeled "fast-track and legislation proposal proceedings." Although the reform proposal is not legislative in nature, article 109 is the closest regulating clause that can be applied to such a situation.
House personnel have all night to draw up the agenda for the morning meeting and send the invitations for leaders of political parties and members of parliament.
As the content of the proposal is unknown, two scenarios are already circulating around Athens:
If measures have been pre-determined between the Greek government and its European counterparts under the table (for it is rumored by many that the economic measures will be draconian), the Greek government would like to arrive at the Eurogroup backed by a parliamentary majority.
However, if Parliament will find the proposal unsatisfactory, then the government, having practically no more available time to redraft its proposal, will find itself trapped in a gridlock.
Historical nights like this one are marked with the precipitation of events.
Only minutes ago Dutch minister of finance and president of the Eurogroup, Jeroen Dijsselbloem, announced that he received the proposal. In less than six hours the sun will be rising over Athens.
Until then...
"Fasten your seat belts, it's gonna be a bumpy night!"
