In last-minute U-turn, Greece makes ‘difficult concessions’ to creditors
Greek Prime Minister Alexis Tsipras says Athens has made “difficult concessions” to its creditors in an attempt to secure a last tranche of a much-needed bailout.
While Greek officials had previously insisted they would not capitulate to demands by a troika of lenders that Athens enforce economic measures before it could secure the bailout, they seemed to have compromised on Tuesday, when Tsipras spoke of having made concessions.
The Greek premier said a “complete” and “realistic” reform plan, drafted in 46 pages and aimed at ending the current financial crisis in the country, has been submitted to the creditors.
“We have made concessions, because a negotiation demands concessions, we know these concessions will be difficult,” Tsipras said.
Some Greek officials had earlier said the government would prefer to hold snap elections than bow to pressure demanding more austerity measures.
The remarks by the leader of Greece’s left-wing government came a day after directors of the International Monetary Fund (IMF), the European Central Bank (ECB), and the European Commission – which together form the troika of Greece’s creditors – met with leaders of Germany and France to work out a “final proposal” for Athens to repay its debts.
On May 31, Tsipras criticized the creditors for offering “absurd” proposals and failing to show flexibility in the negotiations, which have been under way for four months.
Greece’s international lenders have refused to hand over to Greece the remaining $8 billion tranche of the debt-ridden country’s bailout, saying Athens must first carry out further economic reforms, a euphemism for austerity measures despised by the left-wing Greek government.
Greece, which plunged into an economic crisis in 2009, has so far received $330 billion in international loans in return for the implementation of austerity measures.
Athens is facing a deadline of June 5 to repay more than $328 million to the IMF.
Concerns have been mounting over the possibility that Greece could default, which could trigger its exit from the 19-nation eurozone.
SZH/KA/HJL
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