Greek left leader insists on canceling bailout
Elena Becatoros and Nicholas Paphitis - The Associated Press
Head of Greece's Radical Left Coalition Alexis Tsipras, left, presents his party's economic policies next to economic advisor Yiannis Dragasakis as at the background reads " make the bailouts a thing of the past " and "open the path for Greece" in Athens, on Friday, June 1, 2012. Tsipras, whose strong gains in last month's elections deepened concerns over his nation's economic future, vowed Friday to cancel Greece's international bailout agreement if he wins an upcoming repeat ballot.
Alexis Tsipras, whose Syriza party came in a surprise second in the inconclusive May 6 election, said he will keep his pledge to tear up Greece's bailout deal with international creditors, saying the austerity the country has been forced to impose in return for billions of euros in rescue loans was leading Greece toward collapse.
If Athens reneges on its pledges to impose more cutbacks and reform its economy, the other European countries and International Monetary Fund who have extended it billions of euros in rescue loans could pull the plug on the funding, forcing Greece out of Europe's joint euro currency.
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