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Greece in reform pledge as funds dry up

Friday, March 20, 2015 - 02:16

With Athens again due to run out of money within weeks, the Greek PM has vowed to present a list of economic reforms within days in order to access bailout funds. But will it be compatible with creditors' demands? Kirsty Basset reports.

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Late night talks between Greece, France and Germany - which seemed to bear fruit. On the sidelines of the EU summit in Brussels, Greek Prime Minister Alexis Tsipras vowed to speed up his country's reform process. (SOUNDBITE) (English) GREEK PRIME MINISTER, ALEXIS TSIPRAS, SAYING: "We are more optimistic after this deliberation. I think that all the sides confirmed their intention to try to do their best to overcome the difficulties of the Greek economy as soon as possible." His government has been given the responsibility of coming up with its own list of economic reforms, in order to access bailout funds. But will the proposed reforms be compatible with the demands of its international creditors? French President Francois Hollande says the Eurogroup will have the final say. (SOUNDBITE) (French) FRENCH PRESIDENT, FRANCOIS HOLLANDE, SAYING: "It's for Greece and the Greek government to say what it wants for the future of its country with regards to reforms, and it's then for the Eurogroup to evaluate what are the consequences of these reforms and whether they are compatible with the programme which has been laid out." With previous proposed reforms including wiring up tourists to gather evidence on tax evaders - not everyone is convinced Greece has what it takes to come up with the goods. Mike Ingram is a market analyst at BGC Partners. (SOUNDBITE) (English) BGC PARTNERS MARKET ANALYST MIKE INGRAM SAYING: "Most of the suggestions that Greece has come up with so far are badly thought out to the point of amateurism. That's been pointed out by a number of people within Brussels. So I think there is a very real fear that whatever they come up with is going to be more of the same, it's all going to be quite nebulous, very few hard numbers attached to it. And it's very clear the Troika's patience is wearing thin and Greece's balance sheet is in a very parlous state." The clock is ticking - Greece is set to run out of money within weeks. And there are signs Greeks are feeling nervous about the future - with deposit outflows once again accelerating. Greek PM Tsipras next meets with German Chancellor Angela Merkel on Monday.

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Greece in reform pledge as funds dry up

Friday, March 20, 2015 - 02:16