10093
Tsipras: Greece Will Not Default
International

Tsipras: Greece Will Not Default

New Greek Prime Minister Alexis Tsipras said on Wednesday his country will not default on its debts.
Addressing his first cabinet meeting since Sunday’s victory, Tsipras said he would negotiate with creditors over the €240 billion ($270b) bailout, BBC reported.
“We won’t get into a mutually destructive clash but we will not continue a policy of subjection,” said the left-wing Syriza party leader.
Germany’s vice-chancellor said it was unfair of Greece to expect other states to pick up its bills. “I cannot imagine a haircut [debt reduction],” Sigmar Gabriel said.
As Tsipras made his debut cabinet speech, Greek government bond yields rose to their highest since the 2012 debt restructuring, amid investor concern that the anti-austerity coalition was gearing up for a clash with international creditors.
The Athens Stock Exchange fell by 8% in response to Tsipras’s remarks, and as it emerged that his government was putting on hold major privatization projects, including the port of Piraeus and the main power company, the Public Power Corporation of Greece.
Greece has endured tough budget cuts in return for its 2010 bailout, negotiated with the “troika” - the EU, International Monetary Fund (IMF) and European Central Bank (ECB).
Its economy has shrunk drastically since the 2008 global financial crisis, and high unemployment has thrown many Greeks into poverty. Vowing to defend Greek dignity, Tsipras said a renegotiation of the Greek debts would aim for a “viable, fair, mutually beneficial solution.” He did not give details.
Tsipras promised “realistic proposals” for an economic recovery and vowed to fight corruption and tax evasion. His recovery plan, he said, was aimed at preventing deficits in the future.
The new coalition government - with the right-wing but equally anti-austerity Greek Independents - was sworn into office on Tuesday.

 

Short URL : http://goo.gl/Gv7xpD

You can also read ...

Rex Tillerson
Washington’s top diplomat flew into Tokyo on Wednesday to begin...
Displaced Iraqi people at Hammam al-Alil Camp, south of Mosul, Iraq, on March 14
Iraqi government forces killed the IS commander of Mosul’s Old...
Tusk Warns UK Against Threats of No Deal
The EU will "not be intimidated" by threats about the UK leaving...
Dutch Prime Minister Mark Rutte
Millions of Dutch voters were going to the polls on Wednesday in...
Kim’s Identity Confirmed Using Son’s DNA
Malaysia found out the identity of Kim Jong-nam’s body based on...
At least 525 refugees have died while attempting to reach Europe so far this year.
Some 500 refugees have died in the Mediterranean Sea since the...
South Korea Presidential Poll Scheduled for May
The date for South Korea’s presidential election has been...
Francois Fillon
French presidential candidate Francois Fillon has been placed...

Trending

Googleplus