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Greece has finally agreed to give creditors a new list of reforms to get its bailout back on track. The announcement comes after Prime Minister Alexis Tsipras held crunch talks with European leaders.
According to sources, they agreed to finish work as fast as possible on completing Greece’s EU-IMF rescue programme, to free up crucial funds to help Athens avoid bankruptcy and a catastrophic exit from the euro.
The announcement came after radical left-wing Greek leader sat down for a three-hour meeting with Chancellor Angela Merkel, President Francois Hollande and the EU’s top officials on the sidelines of a summit in Brussels.
Merkel, who as leader of Europe’s biggest economy has led efforts to make Greece honour its commitments, said she and Hollande were fully in line with the agreement.
It may be mentioned that Greece creditors had agreed to extend its $240-billion-euro ($255 billion) bailout in exchange for promises of austerity reforms by Tsipras’s new hard-left government.
Athens wants the final seven-billion-euro tranche of the money to be paid out now to stay afloat, but Brussels wants more evidence of its commitment to the reforms.
Hollande urged Greece to be more precise in its reform proposals and introduce them faster than planned.
As it is widely-known, technical talks in Athens and Brussels which had largely stalled over the seemingly insurmountable differences between the two sides will continue as before.
The deal is the latest in a series aimed at narrowing differences between the new Greek government, with its desire to cast aside the shackles of austerity under two previous bailouts, and sceptical creditors.