Greek Leaders Scramble To Secure Greece’s Finances As Germany Says Debt Relief Isn’t An Issue

greek flagsGreek Prime Minister Alexis Tsipras met with Greek President Prokopis Pavlopoulos on Monday and asked him to facilitate a meeting with Greece’s leaders following yesterday’s referendum outcome that confirmed Greeks don’t want to accept the latest bailout offer from their creditors.

Athens is believed to seeking a better proposal that includes less austerity and even the possibility of debt relief despite opposition from Greece’s largest creditor, Germany.

Germany’s Finance Ministry said today that a reduction in Greece’s debt isn’t on Germany’s agenda.

“Our position is well known…a debt cut is not an issue for us” said Ministry spokesman Martin Jaeger.

Last week IMF chief Economist Oliver Blanchard suggested in a blog post that debt relief might be needed for Greece as it struggles to find enough available cash to pay its creditors and capital controls imposed by the ECB place a tight squeeze on liquidity for Greece’s banks which are on life support.

Greece remains a focus in global markets this week as chances have risen that Greece could leave the 19 member euro currency zone.

-Johnathan Schweitzer

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