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Greek PM Says Deal With Lenders Almost Done

Greek PM Says Deal With Lenders Almost DoneGreek PM Says Deal With Lenders Almost Done

Greek Prime Minister Alexis Tsipras said on Saturday his government was on the final stretch of negotiations with its international lenders on a cash-for-reforms deal that would not involve further pension cuts and harsh austerity.

After four months of talks with its euro zone partners and the International Monetary Fund, Athens is scrambling for a deal that could release up to $7.9 billion (7.2b euro) in remaining aid to avert bankruptcy as it remains shut out of bond markets, Reuters reported. Talks have stumbled over pensions, labor reform, fiscal targets and increases in value-added tax.  "We are on the final stretch of a painful and tough period shaped by the government's negotiations with the institutions," Tsipras, told his party's central committee.

Tsipras faces potential challenges from the hard-left faction in his Syriza party which opposes any deal that would involve further belt-tightening.

 

Financialtribune.com