Eurozone ministers halt Greece debt relief
Eurozone finance ministers have decided to halt a debt relief initiative for Greece in the wake of a decision by the government in Athens to spend extra money on pensions and other programs.
A spokesman for Eurogroup chief Jeroen Dijsselbloem said on Wednesday that the decision by the administration of Greek Prime Minister Alexis Tsipras had made it difficult for the Eurozone to believe that Athens was really sticking to its previous commitments.
"The institutions have concluded that the actions of the Greek government appear to not be in line with our agreements," said the spokesman, adding that there was "no unanimity now for implementing short-term debt measures."
The Eurogroup is tasked with monitoring Greece's massive 86-billion euro bailout. Members of the body agreed last week to adopt some short-term relief measures for Greece in order to ease the country’s enormous debt, which is set to reach 315 billion euros ($338 billion) this year.
However, Tsipras announced limited pension hikes and a localized tax break last week, which many said could anger Greece's creditors. The measures include a one-off payout to 1.6 million low-tier pensioners and a sales tax break for islands sheltering thousands of refugees.
Tsipras said the lenders should have shown more respect for the Greek people, saying the Greeks "have made major sacrifices these past seven years in Europe's name."
"I have no doubt that what we are doing is within the framework of the agreement," the premier said.
Shares belonging to Greece fell over three percent in the markets on Wednesday. The Athens stock exchange reported a loss of 3.21 percent after it closed at 619,19 points.
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