EU chief calls for debt relief for Greece
The president of the European Council has called on Greece's lenders to adopt a realistic approach in dealing with the country's debt issue as deadline draws closer for Athens to submit reform plans for a bailout.
Donald Tusk said Thursday that if Athens meets the midnight deadline for submitting a detailed proposal on its bailout program, its international creditors should also devise better solutions for handling the country’s huge debt burden.
“If this happens we will also need a parallel proposal from the creditors. The realistic proposal from Greece will have to be matched by an equally realistic proposal on debt sustainability from the creditors,” Tusk told a joint press conference with Luxembourg premier Xavier Bettel.
"Only then will we have a win-win situation," he said.
Greece has repeatedly asked for a write-off in its 320-billion-euro (USD 350-billion) debt, saying that could pave the way for a permanent deal with the lenders, enabling Greece to carry out the required reforms in its economy.
That call has been endorsed by the International Monetary Fund, but other major stakeholders in Greece’s debt, including Germany and many other members of the 19-nation eurozone bloc have refused to grant Athens such a relief.
On Sunday, Greeks endorsed a 'No' vote to further austerity measures in a referendum.
Tusk expressed hope that Athens could provide its creditors with “concrete and realistic proposals of reforms” ahead of deadline.
The former Polish premier has arranged a summit of the European leaders for Sunday as the final push for the bloc to decide on Greece’s bailout program and on whether the country could remain part of the euro or not.
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