Greece approves more austerity to unlock bailout

Tsipras and Merkel
GETTYAlexis Tsipras spent some time speaking with German Chancellor Angela Merkel this week
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28 May, 2017

Greece has received about 260 billion euros in bailout aid since 2010 in exchange for reforms and deep spending cuts that plunged the economy in recession.

Athens needs the funds urgently to repay 7.5 billion euro ($8.18 billion) in debt maturing in July.

Prime Minister Alexis Tsipras spoke Tuesday morning with German Chancellor Angela Merkel, whose country has been the single largest contributor to the Greek bailouts, and discussed the issue of Greece's debt, his office said Wednesday.

Protesters clashed with police in central Athens during a second day of demonstrations Thursday, as lawmakers prepared to vote on creditor-demanded measures that will usher in additional income losses for Greeks over the next three years.

About 15,000 Greeks participated in two rallies in the country's capital on Wednesday against EU-backed austerity measures proposed by the country's government, a Sputnik correspondent reported.

Prime Minister Alexis Tsipras supported the controversial bill that sparked outrage when it was introduced May 15 in the 300-member parliament.

Police fired tear gas in return, but in a statement, confirmed there were no arrests and no injuries.

About 12,000 people, according to the police, gathered on Thursday afternoon in front of parliament to protest against the new austerity package, just a day after a general strike, marking a week of mobilisations and partial strikes in the public services.

"Let the people decide with their vote who can lead the country out of the crisis and how", he said in his speech to parliament, renewing his call for early election.

The tax rises and further cuts to pensions were sought by Greece's foreign creditors.

Greece's last venture onto worldwide bond markets was with two issues in 2014.

Unions and the opposition have compared the measures to those of a fourth bailout, but without the corresponding relief of funds from global creditors.

"You've become the best advertisement for austerity in Europe", opposition Conservative leader Kyriakos Mitsotakis told Reuters. He also reiterated that if Greece isn't given a concrete roadmap on debt relief then it will not implement the measures it has agreed to.


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