Greek PM Renews Request for Debt Relief

Euro(Greece) – Greek Prime Minister Alexis Tsipras has said that Greece needs debt relief in order for the economy to get better. The country will be entering into a second bailout review in the fall and because of that, he has renewed his request for debt relief. He has also said that tight austerity measures have created inequalities between nations in the Eurozone.

Tsipras has also said that the austerity measures that are already in place have benefited the country and he wants those who will be performing the bailout review to understand how far the country has come. He said to Realnews, a newspaper, that, “Greece has kept its part of the agreement and expects the same from its partners. We are not simply seeking, we are demanding and expecting specific measures that will render debt sustainable as part of the deal we are implementing.This (debt relief) will be followed by reduced (budget) surpluses after 2018, which will open the way for the economy’s recovery.”

Greece has received its third bailout since 2010 and has been in a recession since sometime before its first bailout. As part of this third bailout, the country had to commit to a primary budget surplus of 3.8% by 2018. The unemployment rate in the country is at 23.5% and the economy has shrunk by a quarter. The International Monetary Fund has said that this number is unrealistic for Greece and they haven’t put forth any funds for this bailout.

The bailouts internally have been controversial as most of the Greek citizens are frustrated with the austerity measures since they’ve resulted in salary cuts, pension decreases, and job losses. However, the government maintains that the bailouts have been necessary for giving the Greek economy a boost and to help encourage future growth. It is unknown whether or not Greece will successfully receive the debt relief he seeks.

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