9 Jun 2015

Greece remains defiant on reform as debt restructure looms

From Nine To Noon, 9:20 am on 9 June 2015

Tensions are ratcheting up between Greece and its creditors as its next debt repayment deadline looms. In a surprise move Athens missed a 300 million euro payment to the IMF last week, saying it would bundle all its payments into one. Greece has a 320 billion Euro debt and owes 240 billion Euros to its creditors in a deal that expires at the end of this month. But as a deal is hammered out to restructure the bailout, Greece is remaining defiant with its Prime Minsister Alexis Tsipras calling the creditors' new reform demands "absurd". The European Union, the International Monetary Fund and the European Central Bank are asking Greece to cut pensions, government jobs and tax rebates and open up more private sector investment.