EU financial bailout has failed, says Tsipras.
Newly elected Greek Prime Minister Alexis Tsipras ruled out on Sunday, January 8th, extending the country's participation in the European Union and International Monetary Fund's financial bailout program; "The new government has no justification for asking for an extension... because it cannot ask for an extension of the mistakes," he said; Greece's new left-wing government wants to reverse some of the reforms to fulfill electoral promises, clashing with creditors who lent Athens 240 billion euros and want the reforms to continue.
ATHENS (Reuters) - Greek Prime Minister Alexis Tsipras on Sunday, the 8th, dismissed the European Union (EU) and IMF bailout program and stated that he will not ask EU leaders for an extension.
Tsipras stated, however, that it is possible to negotiate a transitional agreement with creditors for Greece by the end of the month, until a new debt agreement is reached.
"The bailout has failed," he said in his first speech to Parliament as Prime Minister. "The new government has no justification for asking for an extension... because it cannot ask for an extension of its mistakes," he said.
Greece's current bailout program expires on February 28th, and the EU wants Athens to request an extension, including commitments to reforms.
Greece has already ruled out that possibility, which paves the way for clashes in the coming weeks at an EU summit and a meeting of finance ministers.
Greece's new left-wing government wants to reverse some of the reforms to fulfill election promises, putting it at odds with creditors who lent Athens 240 billion euros and want the reforms to continue.
(Reporting by Renee Maltezou)