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WORLD NEWS Saturday 25 February 2017

Greece's PM Tsipras: the era of austerity is over

ELENA BECATOROS our partners and creditors,
Associated Press and a backsliding of the
ATHENS, Greece (AP) — economy into stagnation,"
Greece's era of austerity Yannis Stournaras said in a
is over, Greek Prime Min- speech. He warned that
ister Alexis Tsipras claimed risks "also arise from de-
Friday, as he painted a lays and procrastination in
positive picture of the re- implementing reforms al-
forms his government has ready agreed on, or from
agreed to take after the distortions to competition
bailout program ends in that could hurt crucial sec-
2018. tors of the economy."
Speaking in parliament, Fitch ratings agency left
Tsipras described the deal Greece's credit rating un-
reached Monday as an changed at CCC, near the
"exceptional success" and bottom of the rating scale
said it showed the coun- and deep in junk bond
try's creditors accepted territory. It said late Friday
Greece's insistence that it that despite risks from the
could no longer bear fur- delays in negotiations it
ther budget austerity. expects an agreement will
"I am fully convinced we be reached.
achieved an honorable "The current stand-off ap-
compromise," Tsipras said, Greek Prime Minister Alexis Tsipras smiles during a Parliament session about bailout negotiations pears to be driven more by
adding that all sides at in Athens, Friday, Feb. 24, 2107. Greek Prime Minister Alexis Tsipras says an agreement with Euro- the ... disagreement" be-
pean creditors under which the country will make further reforms in 2019 is a positive one and will
the eurozone finance min- mark an end to austerity. Tsipras’ left-led coalition government, trailing in polls, has been at pains tween Greece's European
isters' meeting in Brussels to paint a positive picture of the deal for austerity-weary Greeks hammered by seven years of a creditors and the Interna-
had agreed for the "first financial crisis that has wiped a quarter off the economy. tional Monetary Fund on
time after seven years ... (AP Photo/Thanassis Stavrakis) Greece's debt sustainabil-
to leave the path of con- ity, the agency said.
tinued austerity behind us." burdens on the Greek tax- further talks to complete concluded as soon as pos- "Relations between the
On Monday, Greece payer, an equal amount of a long overdue review of sible. Greek government and of-
agreed to legislate new relief will be granted. Greece's progress in its bail- "If the negotiations drag on ficial creditors have stayed
reforms to come into ef- In return, Greece's credi- out program. with no agreement in sight, on a fairly firm footing"
fect in 2019, but said these tors agreed to send their Greece's central bank then Greece will enter a since Greece's third bail-
will be fiscally neutral: for bailout inspectors back chief warned Friday that new cycle of uncertainty, out was signed in 2015, it
every euro's worth of new to Athens next week for the bailout talks must be deteriorating relations with added.q