GREEK
bankruptcy has been temporarily averted as the cash-strapped country has
managed to scrape together enough money to make a vital loan repayment.
Euro
leaders today met in Brussels to talk about the future of the debt-crippled
country and the reforms needed to carry on providing Greece with cash.
Despite
weeks of negotiations, eurozone creditors and the Greek leftist government have
been unable to reach an agreement that would unlock a €7.2billion (£5.6billion)
bailout loan for Athens.
Completely
broke, Greece has struggled to pay pensions, public sector wages and suppliers
in recent weeks. Many feared that Athens would not be able to afford a
€750million (£540million) repayment to the International Monetary Fund (IMF)
due tomorrow, but at the last moment Greece has confirmed that the payment is
set to go through. However, there is another repayment due next month on June
5.
The leftist
government has refused to agree to pension and labour reforms that would see
the bailout loan go through. And there are a number of signs that patience with
Greece has run its course.
Greek Prime
Minister Alexis Tsipras claimed he's confident a deal will be reached, while a
spokesperson for the government today warned "there is no plan B".
But euro
leaders have not echoed Mr Tsipras' words. To the contrary, the IMF has
previously said that a loan repayment holiday is out of the question and is
reportedly drawing up plans to deal with a default.
German
finance minister Wolfgang Schaeuble has also confirmed that plans are being
made to deal with a Greek default.
Greece's
new Syriza government, which was elected into power in January, wants an end to
creditor-imposed austerity but needs euro cash to keep functioning.
A couple of
weeks ago, Mr Tsipras ordered his Marxist Finance Minister, Yanis Varoufakis,
to step aside from key talks after infuriating eurozone leaders with his
outspoken views and refusal to back down.
Since then,
progress has reportedly been made but the government last week said that Greece
can't be expected to make all of the concessions and ruled out the reforms to pension
or labour systems.
Much of the
outcome depends on Germany, which is Greece's biggest creditor nation. Mr
Tsipras has apparently spoken by telephone to Chancellor Angela Merkel several
times last week.
(Πηγή: express.co.uk)
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