Greece to push for revision of bailout by EU partners
Greece’s left-wing government has drawn up a 10-point plan to replace 30% of its massive bailout deal, reports say.
The new 10-point plan includes bond swaps to reduce Greece’s debt mountain and a proposal to make the primary budget surplus target for this year 1.49% of GDP instead of the 3% demanded by its creditors, a Greek finance ministry source said.
The Greek government easily won a confidence vote late on Tuesday, on the eve of the meeting with EU officials.
Greece will put its plan to eurozone finance ministers in Brussels. But a swift deal is unlikely, with Greece being warned to abide by bailout terms.
The EU-IMF bailout for debt-laden Greece expires on 28 February and Athens does not want it extended.
The government says the bailout conditions, (sweeping public spending cuts and job losses), have impoverished Greece.
It rejects the “troika” team – the EU, International Monetary Fund (IMF) and European Central Bank (ECB) – overseeing implementation of the €240bn (£182bn) bailout.
However, German Finance Minister Wolfgang Schaeuble has insisted Greece must not renege on the bailout conditions.
Prime Minister Alexis Tsipras’s government had the support of 162 deputies in the 300-seat parliament.
The stakes are high because of fears that a Greek debt default could push it out of the euro, triggering turmoil in the EU.