Tsipras Says Greece Won ‘Crucial’ Commitment for Debt Relief

Prime Minister Alexis Tsipras expressed confidence that Greece’s creditors will grant debt relief and blamed their intractability for worsening the country’s economic plight.

“The Greek people were prisoners, who after they escaped prison were immediately arrested and returned to an even smaller cell,” Tsipras, who turned 41 on Tuesday, told an Athens radio station. “What’s crucial is that we got a commitment for debt relief, which will take place after the first review of the program, in November.”

Easing Greece’s debt burden has been a major sticking point in six months of talks between the government and its creditors, which led the country to the brink of euro exit. While the International Monetary Fund expressly supports debt restructuring as part of the rescue package, European donors led by Germany have been less willing.

Tsipras said the eleventh-hour accord reached on July 12 fully covers financing needs for the next three years and so paves the way for debt relief. Officials from Greece and its creditor institutions are meeting in Athens this week on policies that must be implemented in return for loans of as much as 86 billion euros ($94 billion).


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Craig Erlam

Craig Erlam

Senior Currency Analyst at OANDA
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.