Greek Debt Crisis Drags On, As Tsipras Promises Reforms
With time running out for Greece and Greek banks almost at their wit’s end as a result of a lack of cash in the financial sysytem, uncertainty remains in the Eurozone as to Greece’s fate.
After Greeks overwhelmingly voted “no” to more stringent conditions for further bailout, Prime Minister Alexis Tsipras has been forced to present a new deal to their European creditors.
Greece requires a third bailout to be rescued from bankruptcy having defaulted on its loans to European creditors. European leaders however insist that Greece must put serious reform plans on the table tomorrow before further bailout is considered.
The Greek finance Minister resigned on Monday as a result of his opposition to more strict reforms to the Greek economy.
Prime Minister, Alexis Tsipras spoke at the European Parliament today and assured that Greece will submit a proposal of “credible reforms” tomorrow.
Tsipras’s Syriza Party was voted in on its promise of reducing austerity measures as well as securing more favorable terms from its European creditors. These two promises look increasingly impossible as the present debacle drags on.