Newspaper article Pittsburgh Post-Gazette (Pittsburgh, PA)

Delay for Greece Its New Leaders Have More Time to Deal with Debt

Newspaper article Pittsburgh Post-Gazette (Pittsburgh, PA)

Delay for Greece Its New Leaders Have More Time to Deal with Debt

Article excerpt

It's good news that Greece and its creditors reached agreement Tuesday in Brussels to extend the current $245 billion bailout for four months.

At the same time, what was achieved between the creditors - including the European Central Bank, the International Monetary Fund and the European Commission - and the new Greek government was a four-month postponement of the country's Feb. 28 cash call. The can, in effect, was kicked down the road.

The argument for the extension was that the Greek government, headed by Prime Minister Alexis Tsipras and his Syriza party, had won the elections Jan. 25, only four weeks ago, and has not had a chance to put together an effective economic program. For the program to succeed, and the bailout to remain in place, it must include on the Greek side structural reforms, strengthened collection of taxes from Greece's millionaires and measures against corruption, including widespread smuggling of gas and oil.

Syriza and Mr. …

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