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WORLD NEWS 9
Saturday 6 June 2015

Greek leader: cannot consent to ‘irrational’ proposals

Greece’s Prime Minister Alexis Tsipras gives his speech during an emergency Parliament session Athens made no mention of bailout it has been relying
debt lightening. on since 2010, Greece will
in Athens, on Friday, June 5, 2015. Tsipras said that his government cannot accept “irrational” Tsipras’ speech came the be unable to meet its steep
morning after a surprise an- debt repayments to the IMF
proposals like one made this week by the institutions overseeing Greece’s bailout, and insisted nouncement that Greece and the European Cen-
would defer an IMF pay- tral Bank over the next few
any solution must also include some form of debt relief. (AP Photo/Petros Giannakouris) ment due Friday, and would months. Bankruptcy looms,
instead bundle all four in- and with it a potential exit
NICHOLAS PAPHITIS adding that any deal must access lost five years ago, stallments due in June — a from the euro.
ELENA BECATOROS also include some lighten- Tsipras said. total of 1.6 billion euros — “Although Greece’s liquid-
Associated Press ing of the country’s crushing Despite a significant write- into one payment at the ity situation is extremely
ATHENS, Greece (AP) — debt load. down in 2012, Greece’s end of the month. delicate, the decision to de-
Greece cannot accept the “There is no question of our debt remains huge, at near- It is the first time a devel- lay the payments seems to
“irrational” proposal made accepting an agreement ly 180 percent of annual oped economy has taken have at least a partial politi-
this week by its bailout cred- that does not contain the output. Bailout creditors the option of bundling pay- cal motivation,” said Diego
itors, Prime Minister Alexis prospect of debt restruc- had initially promised further ments — an emergency Iscaro, senior economist at
Tsipras told an emergency turing” that would help respite, but details on their maneuver allowed by the HIS Global Insight.
Parliament session Friday, Greece regain the market latest proposal leaked by IMF but last used by Zambia “Essentially, the payment
in the 1980s. delay serves as a way to
The move highlighted the express the government’s
brinkmanship of Greece’s frustration over the ‘last best
protracted negotiations to offer’ made by creditors to
release the remaining funds Greece.” Tsipras faces grow-
in its international bailout, ing anger from within his
and the dire state of the own radical left Syriza party,
country’s liquidity. where hardliners, including
It sent the Athens Stock Ex- some Cabinet members,
change tumbling to close have been calling for a
down nearly 5 percent, break with creditors. At least
while the country’s borrow- two ministers said Friday that
ing costs shot up, with the in- if the lenders don’t back
terest rate on the country’s down, one option would be
two-year bonds standing at to call for elections and ask
24.5 percent. Greeks whether they want
Without the 7.2 billion euros to remain in the euro at any
left in the 240 billion euro cost.q