World: Financial Reform in Greece

“The bailout failed,” said Greece’s Leftist Prime Minister Alexis Tsipras, to applause from parliament. “We want to make clear in every direction what we are not negotiating. We are not negotiating our national sovereignty.” The new leader of one of Europe’s poorest countries is making moves to put Greece back on the map as a financial powerhouse. Recently, Tsipras released plans for refinancing. Rather than the next tranche of bailout funds — 7.2 billion euros due, pending a suspended review — Tsipras wants the right to issue more short-term debt beyond a current 15 billion euro threshold. He will also be seeking 1.9 billion euros in profits from Greek bonds held by the European Central Bank and other euro zone authorities and he will seek World War II reparations from Germany. “Of course there may be many issues which are likely to require time to negotiate, such as the debt issue,” said Tsipras. “But we are fully ready to agree now on most issues as part of a full program.”  The Prime Minister estimates that implementing the new programs will take roughly 4 years.

Contributor: Phoebe Roe

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