Greece irresponsible if not working with creditors: EU

The European Parliament has denounced Greece's refusal to cooperate with the country's troika of creditors.

 “If the Greek government does not in fact want to work anymore with its creditors on the current basis, I find that irresponsible,” said President of the European Parliament Martin Schulz.

Schulz stated that Greece can only renegotiate its debt “through consensus and not by provocation.”

Schulz, who was the first EU leader to be received by newly-elected Greek Prime Minister Alex Tsipras, said, “We can bring [Greece] to a compromise, but there are no guarantees.”

Not promising significant alterations in Greece’s austerity program, Schulz also stated that “The situation is fragile, but not desperate.”

Greece's trio of creditors is comprised of the International Monetary Fund (IMF), European Union (EU) and European Central Bank (ECB).

Greece’s commitments

This comes after Greece's newly-elected anti-austerity Finance Minister Yanis Varoufakis announced on Friday that his government has “no intention of co-operating with a three-member committee (troika).”

Varoufakis said that the trio’s goal is “to implement a program whose logic we consider anti-European.”

In 2010, Greece suffered severe budget cuts in return for a €240-billion ($270 billion) bailout from the troika.

After Greece’s new Prime Minister was appointed, EU and IMF inspectors announced their preparation to return to Greece to finish their final stage of inspection under the bailout program.  

The new anti-austerity government of Athens, however, refused the inspectors’ return and disbursement of over 7 billion euros in pending financial aid.

Germany takes side with EU

Meanwhile, German Chancellor Angela Merkel on Saturday said that “There has already been voluntary debt forgiveness by private creditors; banks have already slashed billions from Greece's debt.”

In her interview with the German newspaper Hamburger Abendblatt, she stated that her support for Greece depends on Athen’s implementation of austerity measures under its bailout deal with the international creditors.

Anti-austerity PM

On January 28, three days after he was sworn in, Tsipras stopped privatization plans of a number of public assets, including the port of Piraeus, the Public Power Corporation of Greece, airports, power grinds and motorways.

The privatization plans were agreed upon under the country’s bailout deal with its international creditors.

Syriza is a fierce opponent of Greece’s bailout deal with the IMF and eurozone countries, and has vowed to reconsider the austerity measures that have caused mounting dissatisfaction in the country.

Greece has been relying on international rescue loans since 2010. It has received 240 billion euros (330 billion dollars) in international loans. In exchange, Athens has implemented harsh austerity programs.

The measures have forced people to endure multiple tax increases, along with cuts in pension and salary, in exchange for bailout loans by the troika.

MIS/NN/AS

Related Stories:

Merkel rejects more Greece debt relief  Sat Jan 31, 2015

Greece will no longer work with troika Fri Jan 30, 2015

Greece debt relief not on radar EU Fri Jan 30, 2015

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