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Demeter

(85,373 posts)
9. Greece starts drive to sell new debt deal to doubting Europe
Tue Feb 3, 2015, 10:17 PM
Feb 2015
http://www.reuters.com/article/2015/02/01/greece-politics-idUSL6N0VB0CE20150201

Greece's leftist government began its drive to persuade a sceptical Europe to accept a new debt agreement on Sunday while it starts to roll back on austerity measures imposed under its existing bailout agreement.

After a turbulent first week in office, the new government has made clear it wants to end the existing arrangement with the European Union, the European Central Bank and International Monetary Fund "troika" when its aid deadline expires on Feb. 28.

Instead, Prime Minister Alexis Tsipras wants to agree a bridging deal with the troika to gain breathing space while a new deal is negotiated to reduce Greece's unmanageable public debt burden of more than 175 percent of its economic output, or 320 billion euros ($360 billion).

"For the last five years, Greece has been living for the next loan tranche. We have resembled drug addicts craving the next dose," Finance Minister Yanis Varoufakis said after meeting his French counterpart Michel Sapin in Paris.

"What this government is all about is ending the addiction," he said, noting that it was time to go "cold turkey".

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