US Treasury Secretary Jack Lew has told European finance chiefs to give Greece some wiggle room over its crushing debt.
Greek Prime Minister Alexis Tsipras still hopes he’ll get debt relief from the country’s international creditors but they’re putting the hurt on him.
Despite predictions from Greece’s government a deal with creditors over reforms attached to a third bailout is imminent, it won’t happen.
More and more it’s looking like Greece’s international lenders want to break the will of SYRIZA and the Left with more tough austerity measures.
Greece’s negotiations with its international creditors over a third bailout of 86 billion euros have gone nowhere, creating another insoluble crisis.
With the failure of reform negotiations with international lenders, Greece’s Leftist-led government is in the same position as last year.
Everyone knows Greece can’t repay the 326 billion euros it borrowed from international creditors but there’s disagreement over debt relief.
Greece’s creditors want the squeezed government to pass more austerity measures that would be implemented only if needed.
Greece missed its own April 22 deadline for reaching a deal with international creditors as talks over terms of a third bailout have stalled.
With no evidence to back it up, Greek Prime Minister Alexis Tsipras said the country is “one step from the crisis” exit, referring to a near six-year long economic battering brought on my austerity measures he once rejected but has since embraced.