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| Alexis Tsipras, Greek Premier, Says He’ll Move Quickly to Negotiate Debt Relief | Alexis Tsipras, Greek Premier, Says He’ll Move Quickly to Negotiate Debt Relief |
| (about 1 hour later) | |
| ATHENS — Prime Minister Alexis Tsipras of Greece told his new cabinet on Wednesday that he would move swiftly to negotiate debt relief with Greece’s creditors, but would not engage in a confrontation that would jeopardize a more just solution for the country. | ATHENS — Prime Minister Alexis Tsipras of Greece told his new cabinet on Wednesday that he would move swiftly to negotiate debt relief with Greece’s creditors, but would not engage in a confrontation that would jeopardize a more just solution for the country. |
| “We are ready to negotiate with our own plan,” he told his ministers. “We will not seek a catastrophic solution, but neither will we consent to a policy of submission.” | “We are ready to negotiate with our own plan,” he told his ministers. “We will not seek a catastrophic solution, but neither will we consent to a policy of submission.” |
| Mr. Tsipras set out his government’s top priorities in order: tackling what he called the country’s humanitarian crisis; stimulating the economy so it could start growing sustainably; entering into a new negotiation with creditors aimed at finding a “mutually beneficial solution to the debt”; creating a “fairer” tax system; and confronting vested interests and corruption “that no one has had the guts to go against.” | Mr. Tsipras set out his government’s top priorities in order: tackling what he called the country’s humanitarian crisis; stimulating the economy so it could start growing sustainably; entering into a new negotiation with creditors aimed at finding a “mutually beneficial solution to the debt”; creating a “fairer” tax system; and confronting vested interests and corruption “that no one has had the guts to go against.” |
| He also vowed to end what he called a regime of cronyism, in which past governments would “negotiate with the rich, but not to the benefit of the poor.” | He also vowed to end what he called a regime of cronyism, in which past governments would “negotiate with the rich, but not to the benefit of the poor.” |
| “Our aim is to show solidarity towards the weakest and to restore dignity to society,” said Mr. Tsipras, whose left-wing Syriza party formed a coalition on Monday, a day after elections. He noted that his government wanted to “allow the small business that is drowning in debt and facing bankruptcy to get back on its feet while also relieving citizens hit by unemployment.” | “Our aim is to show solidarity towards the weakest and to restore dignity to society,” said Mr. Tsipras, whose left-wing Syriza party formed a coalition on Monday, a day after elections. He noted that his government wanted to “allow the small business that is drowning in debt and facing bankruptcy to get back on its feet while also relieving citizens hit by unemployment.” |
| Mr. Tsipras and his new finance minister, Yanis Varoufakis, have spoken with various European officials, including Jeroen Dijsselbloem, president of the Eurogroup of European Union finance ministers. | |
| Mr. Dijsselbloem, who has warned that there is “very little support for a write-off” of Greece’s debts, is scheduled to visit Athens on Friday. Martin Schulz, the president of the European Parliament, is also scheduled to visit Mr. Tsipras this week in Athens. | |
| While many Greeks are hopeful that Mr. Tsipras will carry through with even a fraction of his populist promises, investors were more rattled. The Athens Stock Exchange, which already had billions of euros in value wiped out during Greece’s election campaign, fell around 6.4 percent in midday trading on Wednesday after slumping around 11 percent on Tuesday. Shares in financial companies in Greece plummeted 15 percent on Wednesday. | While many Greeks are hopeful that Mr. Tsipras will carry through with even a fraction of his populist promises, investors were more rattled. The Athens Stock Exchange, which already had billions of euros in value wiped out during Greece’s election campaign, fell around 6.4 percent in midday trading on Wednesday after slumping around 11 percent on Tuesday. Shares in financial companies in Greece plummeted 15 percent on Wednesday. |
| The interest rate on Greek 10-year government bonds spiked on Thursday nearly 1 percent, to 10 percent, with investors apparently wary of a possible debt restructuring. The yields were at 8.4 percent before the election and below 6 percent for most of the summer, as the Greek economy appeared poised to grow again under the prime minister at the time, Antonis Samaras. | |
| Adding to the uncertainty was a report that Mr. Tsipras had basically frozen Greece’s privatization program, which had been a central demand of creditors in approving a bailout of 240 billion euros, or about $272 billion. The so-called troika — the International Monetary Fund, the European Commission and the European Central Bank — had expected Greece to raise tens of billions of euros to pay its debts by privatizing state assets. | |
| But Greece’s new energy minister, Panagiotis Lafazanis, told Greek television that the government was immediately halting plans to privatize a public power company. It was also delaying the sale of a portion of Piraeus Port, one of the most strategically placed in the Mediterranean, to the Chinese state-owned company Cosco, which already owns half of Piraeus and had recently signed an agreement to start expanding cargo capacity on the other half of the port. | |
| Mr. Tsipras said he was well aware of the high expectations for him in Greece, and the heavy responsibility his government shouldered. He suggested that the rousing messages of support he had received from leaders in numerous countries, from Russia to France to Spain, signaled that compromise was possible. | Mr. Tsipras said he was well aware of the high expectations for him in Greece, and the heavy responsibility his government shouldered. He suggested that the rousing messages of support he had received from leaders in numerous countries, from Russia to France to Spain, signaled that compromise was possible. |
| “The country is lifting up its head, assuming global significance, attracting international interest,” he added. “Greece is regaining its self-confidence and building alliances that will allow it to set its own agenda at the European table.” | “The country is lifting up its head, assuming global significance, attracting international interest,” he added. “Greece is regaining its self-confidence and building alliances that will allow it to set its own agenda at the European table.” |
| “We have no time to delay,” he added. “There is no room for mistakes.” | “We have no time to delay,” he added. “There is no room for mistakes.” |