Greek PM: ‘We Will Not Seek Credit Line Under Supervision After Bailout Program Ends’

Friday, June 30th, 2017
Last Update: 13:05

Greece is gradually leaving recession behind and returns to normalcy, and we will not seek a credit line after the bailout program ends in 2018, Prime Minister Alexis Tsipras said on Thursday.

The prime minister spoke on the sidelines of the Economist forum in Athens, saying that the country has a road map and a plan to return to fair growth. Thereby, he said, Athens will not seek a credit line that would include new fiscal commitments after the bailout program ends in August 2018.

Referring to the plan to start borrowing from the bond markets, Tsipras clarified that Greece will not rush to do so for communication purposes only. Greece will borrow from the markets in its own terms, provided that the conditions for fair growth are secured first.

Tsipras also said that some of the creditors‘ suggestions for growth are on the limits of “economic irrationality.” He stressed that it could not be a viable option for Greece to have a development program that includes wage shrinking, complete labor market deregulation, or elimination of all forms of social protection.

Tsipras said that Athens is committed to the necessary reforms in order to boost the comparative advantages of the Greek economy to achieve the target of fair growth.

Moreover, Tsipras called on international investors to seize the opportunities Greece has to offer, invest and support the country’s efforts to rebuild and achieve progress.

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