The European Union’s chief executive warned Greeks on Monday not to expect the euro zone to bow to leftist Prime Minister Alexis Tsipras’ demands in a growing confrontation over Athens’ debt crisis.
Tsipras laid out plans on Sunday to dismantle Greece’s “cruel” austerity program, ruled out any extension of its 240 billion euro international bailout, which runs out at the end of this month, and vowed to seek reparations from Germany for World War Two.
His uncompromising maiden policy speech to parliament spooked European financial markets and partners outside the euro area. British Prime Minister David Cameron chaired a special meeting with finance ministry and Bank of England officials on Monday to plan for a possible Greek exit from the euro zone, a Treasury source said.
Ahead of a meeting of G20 finance ministers in Istanbul, the United States and Canada urged the EU and Greece to tone down the rhetoric over austerity and work for a compromise on the debt issue.