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| Alexis Tsipras: bailout a bad deal but the best Greece could get | |
| (about 7 hours later) | |
| The Greek prime minister, Alexis Tsipras, has defended the bailout agreed at Sunday’s eurozone summit and ruled out resigning, saying it was a bad deal but the best available under the circumstances. | |
| “I am fully assuming my responsibilities, for mistakes and for oversights, and for the responsibility of signing a text that I do not believe in, but that I am obliged to implement,” Tsipras told Greek public television on Tuesday. | “I am fully assuming my responsibilities, for mistakes and for oversights, and for the responsibility of signing a text that I do not believe in, but that I am obliged to implement,” Tsipras told Greek public television on Tuesday. |
| In an hour-long interview that mixed a defence of his abrupt change of course over the bailout deal with barbs aimed at Greece’s European partners, Tsipras said he had fought a battle not to cut wages and pensions. | In an hour-long interview that mixed a defence of his abrupt change of course over the bailout deal with barbs aimed at Greece’s European partners, Tsipras said he had fought a battle not to cut wages and pensions. |
| He said Greece must stick to the deficit reductions agreed in the deal, which he said were milder than previously agreed cuts. | He said Greece must stick to the deficit reductions agreed in the deal, which he said were milder than previously agreed cuts. |
| Tsipras said that even though some countries had resisted giving Greece “fresh money” – Finland and the Netherlands in particular – they relented in the end. | Tsipras said that even though some countries had resisted giving Greece “fresh money” – Finland and the Netherlands in particular – they relented in the end. |
| “To be frank, they are not only forced to give fresh money, but to give €82bn [£58bn], and are accepting the restructure of debt.” | “To be frank, they are not only forced to give fresh money, but to give €82bn [£58bn], and are accepting the restructure of debt.” |
| The prime minister faces strong discontent within his Syriza party over the deal. But he said he intended to serve a full four-year term, ruling out early elections. “The worst thing a captain can do while he is steering a ship during a storm, as difficult as it is, is to abandon the helm,” he said. | The prime minister faces strong discontent within his Syriza party over the deal. But he said he intended to serve a full four-year term, ruling out early elections. “The worst thing a captain can do while he is steering a ship during a storm, as difficult as it is, is to abandon the helm,” he said. |
| Asked when Greece’s banks would reopen, after closing more than two weeks ago when capital controls were imposed, he said: “When banks open depends on when we have the final ratification of the agreement.” | Asked when Greece’s banks would reopen, after closing more than two weeks ago when capital controls were imposed, he said: “When banks open depends on when we have the final ratification of the agreement.” |
| The European Central Bank, which set a cap on emergency liquidity to Greek banks, would gradually increase it, allowing a relaxation of capital controls, he said. “It won’t be from one day to the next. There will be a gradual return to normality, starting with an increase in the withdrawals.” | The European Central Bank, which set a cap on emergency liquidity to Greek banks, would gradually increase it, allowing a relaxation of capital controls, he said. “It won’t be from one day to the next. There will be a gradual return to normality, starting with an increase in the withdrawals.” |
| One of the provisions of the agreement with creditors is setting aside €25bn for the recapitalisation of the country’s banks. | One of the provisions of the agreement with creditors is setting aside €25bn for the recapitalisation of the country’s banks. |
| Tsipras said he did not believe the banks required the entire amount. “Twenty-five billion is more than enough. I believe banks will need €10bn-15bn.” | Tsipras said he did not believe the banks required the entire amount. “Twenty-five billion is more than enough. I believe banks will need €10bn-15bn.” |
| Having staved off financial meltdown, Tsipras has until Wednesday night to pass through parliament measures that are tougher than those Greek voters rejected in the referendum on 5 July. With mutiny among hardliners in his own ranks, Tsipras will probably need the support of pro-European opposition parties to carry the vote. | Having staved off financial meltdown, Tsipras has until Wednesday night to pass through parliament measures that are tougher than those Greek voters rejected in the referendum on 5 July. With mutiny among hardliners in his own ranks, Tsipras will probably need the support of pro-European opposition parties to carry the vote. |
| “The hard truth is this one-way street for Greece was imposed on us,” Tsipras said. The lenders had sent the message that in a country under a bailout there was no point in holding elections, he said. | “The hard truth is this one-way street for Greece was imposed on us,” Tsipras said. The lenders had sent the message that in a country under a bailout there was no point in holding elections, he said. |
| But he insisted that things would have been worse had there been no deal. “A disorderly default would not only have led to a collapse of the banking system and a disappearance of all deposits, but it would force you to print a currency which would be drastically devalued because there is no reserve to support it,” he said. “A pensioner who got €800 would get 800 drachmas and it would only last him three days and not a month.” | But he insisted that things would have been worse had there been no deal. “A disorderly default would not only have led to a collapse of the banking system and a disappearance of all deposits, but it would force you to print a currency which would be drastically devalued because there is no reserve to support it,” he said. “A pensioner who got €800 would get 800 drachmas and it would only last him three days and not a month.” |
| He said he would do all he could to maintain the unity of Syriza, but his priority was to secure a deal and the stability of the economy and banking system before dealing with party matters. | He said he would do all he could to maintain the unity of Syriza, but his priority was to secure a deal and the stability of the economy and banking system before dealing with party matters. |
| Asked if he would expel rebel MPs if they voted against the bailout deal, he said expulsions were not part of his party’s culture. | Asked if he would expel rebel MPs if they voted against the bailout deal, he said expulsions were not part of his party’s culture. |