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Greece determined to stay in eurozone, says economy minister Greece determined to stay in eurozone, says economy minister
(about 1 hour later)
Greece will do everything it can to remain part of the eurozone, a government minister said on Friday, after the debt-laden country missed a €300m (£220m) debt repayment to the International Monetary Fund and raised fears about the future of Europe’s single currency.Greece will do everything it can to remain part of the eurozone, a government minister said on Friday, after the debt-laden country missed a €300m (£220m) debt repayment to the International Monetary Fund and raised fears about the future of Europe’s single currency.
Economy minister George Stathakis gave the first official confirmation that Greece could have made the repayment to the Washington-based fund but chose not to do so in the face of demands to overhaul its economy by its lenders, which also include the European Union and European Central Bank.Economy minister George Stathakis gave the first official confirmation that Greece could have made the repayment to the Washington-based fund but chose not to do so in the face of demands to overhaul its economy by its lenders, which also include the European Union and European Central Bank.
Related: Greece vows not to leave the euro after IMF payment defiance - live updates
With the crisis surrounding Greece’s continued membership of the euro in its fifth year, Stathakis said that Greece was unable to accept the terms set out by its creditors, who are demanding bigger budget surpluses and tougher cuts to pensions as well as reforms of its labour market.With the crisis surrounding Greece’s continued membership of the euro in its fifth year, Stathakis said that Greece was unable to accept the terms set out by its creditors, who are demanding bigger budget surpluses and tougher cuts to pensions as well as reforms of its labour market.
Stathaskis, a minister in the Syriza party which was elected with a promise to ease the austerity imposed by creditors during a series of bailouts said: “We have a mandate from the Greek people to go on, to try to change the terms of the agreement. Greece has to remain in the euro, otherwise we do not have any mandate to take action.”Stathaskis, a minister in the Syriza party which was elected with a promise to ease the austerity imposed by creditors during a series of bailouts said: “We have a mandate from the Greek people to go on, to try to change the terms of the agreement. Greece has to remain in the euro, otherwise we do not have any mandate to take action.”
Speaking on the BBC’s Today programme, he also said that the government - which could be forced to call snap elections - was keen to get a deal from the three main creditors. “We are looking forward to getting a deal as soon as possible. The Greek government cannot accept these new proposals put on the table,” he said.Speaking on the BBC’s Today programme, he also said that the government - which could be forced to call snap elections - was keen to get a deal from the three main creditors. “We are looking forward to getting a deal as soon as possible. The Greek government cannot accept these new proposals put on the table,” he said.
Among the requirements being asked of Greece are public spending cuts, and tax rises worth 2% of GDP, through reform of pensions and VAT, which are strongly opposed by the anti-austerity Syriza party.Among the requirements being asked of Greece are public spending cuts, and tax rises worth 2% of GDP, through reform of pensions and VAT, which are strongly opposed by the anti-austerity Syriza party.
Instead of making €300m debt repayment to the IMF on Friday when it fell due, Greece is instead bundling up four payments it was due to pay this month. These are worth €1.6bn and Greece is now promising to pay at the end of June.Instead of making €300m debt repayment to the IMF on Friday when it fell due, Greece is instead bundling up four payments it was due to pay this month. These are worth €1.6bn and Greece is now promising to pay at the end of June.