The new anti-austerity government in Greece has presented its first concrete proposals for an alternative debt plan to the IMF and Eurozone finance ministers. Those same ministers warned Greece it must abide by its current agreements.
New leaders in Greece dismiss worst case scenario at emergency finance meetingGreece's anti-austerity government has presented its first concrete proposals for an alternative debt plan to the IMF and Eurozone finance ministers even as those same ministers warned Greece it has to abide by its current agreements. CCTV's Jack Barton reported from Brussels.
Greece’s finance minister arrived at the emergency Eurozone finance ministers meeting dismissing the worst case scenario. The meeting came soon after Prime Minister Alexis Tsipras won a confidence vote on his plan to cancel Greece’s bailout program.
Athens wanted to scrap thirty percent of its current obligations, replacing them with a 10-point plan of reforms that allow for more growth and job creation.
A compromise will be tough as debt repayments obligations for Greece have already been reduced and the deadlines extended.
The talks on Wednesday were aimed at smoothing the way for the leader’s summit on Thursday. Another euro area finance ministers meeting will take place on the 16th to assess if a compromise can be reached.
CCTV’s Jack Barton contributed to this report from Brussels, Belgium.<\em><\strong>
Senior fellow Paulo Mauro discusses EU Finance Minister reaction
CCTV America interviewed Paulo Mauro, senior fellow of Peterson Institute for International Economics.