Greece rejects EU deal

Greece rejects EU deal

Greece is set to reject the EU`s latest proposals on a default-saving loan deal with Finance Minister Yanis Varoufakis describing it as “borderline insulting”.

“It was an aggressive move designed to terrorise the Greek government, he told the Pro Thema daily. “This Greek government cannot be terrorised”.

“I do not think there is much room for a positive deal with the creditors… they probably seek submission,” Energy Minister Panagiotis Lafazanis, told To Vima weekly.  “They want to smash the country socially and humiliate the government,” he said.

On Friday, Greek Prime Minister Alexis Tsipras rejected the EU plan as “absurd”. He said Athens would not accept a deal that did not restructure its debt sitting at 177.1 percent of gross domestic product at the end of 2014.

The EU’s five-page list of proposals made at the end of last week included sales tax hikes and cuts in civil servants` salaries and pensions.

Speaking at a Group of Seven summit in Germany, European Commission President Juncker said Tsipras had promised to deliver Greece’s promised list of alternative reforms and had failed to do so. The EU chief spurned Tsipras’s request for a phone conversation on Saturday

The clock is ticking away on a deal with Greece’s bailout agreement with the creditors expiring at the end of June.

The prospect of Greece missing its loan payments and defaulting is expected to set off a chain of events that could lead to a messy Greek exit from the euro, known as a Grexit.

Business First is a peer-to-peer magazine: written by CEOs and other high level executives, with interviews with some of the country’s best leaders.

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