Greek Parliament Backs Tsipras to Cancel Bailout

Greek Prime Minister Alexis Tsipras comfortably won a confidence vote on his plan to cancel a deeply unpopular bailout program and challenge European leaders as both sides prepare for a showdown at meetings in Brussels this week.

In a rousing speech to parliament, Tsipras hailed the decisive role “little Greece” was playing in reshaping Europe and promised Athens would not cave in to demands it extend its international bailout “no matter how much” German Finance Minister Wolfang Schaeuble asked for it.

“We are not negotiating the bailout; it was canceled by its own failure,” he told parliament before winning the vote with the backing of 162 lawmakers in the 300-seat chamber.

“I want to assure you that there is no going back. Greece cannot return to the era of bailouts.”

That came after Schaeuble said that if Greece did not want a new aid program, “then that’s it,” adding to a chorus of warnings from European policymakers urging Athens to seek an extension to the program when it expires at the end of the month.

Tsipras – whose tough stance has the backing of 75 percent of Greeks according to an opinion poll – said he was confident the two sides would reach an agreement. But there was little sign of progress in bridging differences ahead of crunch meetings of euro zone finance ministers on Wednesday and EU leaders on Thursday when assistance to Athens beyond February will be discussed.

via Reuters

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza