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09 May 2012

FT: Greek left attacks 'barbarous' austerity


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Greece is heading for a clash with international lenders, as the radical left-wing party that came second in the weekend's election called for the ripping up of a 'barbarous' austerity programme underpinning its bailout, and questions mounted about the country's future inside the euro.


Alexis Tsipras, the leader of the Syriza, outlined a five-point plan to be put to conservative and socialist leaders on Wednesday as he attempts to build a coalition, demanding the reversal of fiscal and structural measures that have enabled Greece to slash its budget deficit.

"Voters rejected the barbarous policies in the bailout deal; they abandoned the parties that support it, effectively abolishing plans for sackings [of public sector workers] and additional spending cuts”, Mr Tsipras said. His plan would involve ripping up Greece’s second €174 billion bailout agreement, putting the banking sector “under state control”, reversing labour reforms, calling a moratorium on national debt repayments, and moving to proportional representation.

Analysts said Syriza wanted to win first place at the next election by taking a hard-line stance against reforms backed by the EU and the International Monetary Fund aimed at rescuing Greece from bankruptcy and an exit from the eurozone.

Full article  (FT subscription required)



© Financial Times


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