The Greek government has made some concessions in a new proposal to its creditors to stave off financial collapse.
The residents of Athens have had enough of concessions and austerity and are asking for a debt jubilee or a hair cut. The European Finance ministers are not prepared to make debt write-off concessions yet. They want to see a new agreement with concessions from the Greek government first before talking about haircuts. It will be a tough sell for the left-wing Greek government to their constituents who elected them to stand up to the money lenders.
The Guardian reports:
Thousands demonstrate in Athens on Tuesday, amid fears the government will increase austerity measures after submitting a new proposal to the country’s creditors in an effort to secure a deal and avoid defaulting.
Talks between Greece and its lenders are continuing ahead of Wednesday night’s ministerial gathering in Brussels, with Athens needing an agreement to make a €1.6bn (£1.1bn) payment to the International Monetary Fund due next Tuesday.
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