Greece offers olive branch to creditors
Greece's anti-austerity government was to begin a European charm offensive yesterday aimed at building consensus on renegotiating its 240-billion-euro ($270 billion) bailout, even as Germany insisted it would not support any debt relief.
Just hours before Finance Minister Yanis Varoufakis headed to Paris to seek support for a renegotiation of the bailout, Prime Minister Alexis Tsipras said he believed a deal could be reached with the EU and IMF.
"No side is seeking conflict and it has never been our intention to act unilaterally on Greek debt," Tsipras said in a statement issued to Bloomberg News.
In its first meeting with creditors since it took office a week ago, the Greek government clashed with the head of the eurozone finance ministers on Friday over its plans to rethink its rescue package and to halve Greece's debt.
Tsipras, who will visit Italian Prime Minister Matteo Renzi and French President Francois Hollande next week, said his plans did not mean Greece would renege on its commitments to the European Union and International Monetary Fund.
"On the contrary, it means that we need time to breathe and create our own medium-term recovery programme," he said.
This includes aiming to balance the budget -- excluding debt repayments -- and clamping down on tax evasion, corruption and policies which favour only a wealthy few, he said.
Neither he nor Varoufakis are intending to visit Germany, which has shouldered the bulk of Greece's loans and which strongly objects to Athens' stated plans. Portuguese Prime Minister Pedro Passos Coelho and Finnish Prime Minister Alexander Stubb also oppose any debt relief.
Despite a restructuring in 2012, Greece is still lumbered with a debt pile of more than 315 billion euros, upwards of 175 percent of gross domestic product (GDP) -- an EU record.
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