Greek premier Alexis Tsipras is pinning his hopes on using an EU leaders summit in Riga with eastern European partners from Ukraine, Georgia, Azerbaijan and others to strike the broad outline of a cash-for-reforms deal to stave off default.
After another day of to-and-fro on Greece’s bailout, Finance Minister Yanis Varoufakis said he expected euro zone finance ministers to acknowledge next Monday progress towards a cash-for-reform deal, opening the way to easing Athens’ liquidity crisis.
We’ve heard various dates for when Greece will run out of money and some have already passed without incident but it is clear Athens’ cash position is getting increasingly desperate and it hasn’t yet managed to win over its creditors with economic reform plans.
The U.S. Federal Reserve may find it even more tough to raise interest rates as the year wears on if dwindling expectations for growth are any guide.
In his first major television interview since being elected in January, Greek premier Alexis Tsipras said last night he expected a deal with creditors by May 9 and that he would call a referendum if they insist on demands that the government deems unacceptable, leaving it to the Greek people to decide which way to jump.