(Greece) – Greek Prime Minister Alexis Tsipras is asking Greece’s creditors for better debt repayment terms that will be designed to ease the country’s massive debt load. Tsipras told reported that he believes Greece, “has the right for a fair debt adjustment.” He also said that this is something that needs to happen now and that the country can’t wait. The creditors have said that they are willing to discuss the terms of the debt repayments. Currently, the debt is 175% higher than Greece’s GDP.
Greece is currently in the middle of its third bailout since 2010. The first of the payments came through early on the summer. The bailout conditions are under review once again to determine if the next payment should come through. Current talks are focused on discussing how Greece can fight corruption. International creditors are also scheduled to discuss the privatization program. Early in the summer, Greece privatized the abandoned Hellinikon Airport and that move secured the first round of bailout funds.
Bailout talks were scheduled to begin today and representatives from the International Monetary Fund, the European Central Bank and the European Commission are due in Greece to discuss the conditions of the bailout. Overall, the international creditors have begun putting pressure on Greece to speed up the economic reforms needed to secure the next wave of funds. Issues still under review include speeding up the privatization program, liberalizing the energy sector, and governance for banks.
Tsiprias believes that easing the debt repayment terms will help bring Greece back into a period of growth. The country has been in a recession since before the first bailout that took place in 2010. The first payment wave that that came through in the early summer for the third bailout was needed to pay loan balances due to the International Monetary Fund and the European Central Bank. The IMF has yet to fund this most recent bailout because they’ve said in the past that Greece’s debt is unsustainable.