Reuters - Video

Edition: US | UK | IN | CN | JP

Finance Videos

Greece's 'back to basics' message

Thursday, March 12, 2015 - 02:23

Three days after the start of talks to unlock much-needed funds from its lenders Greece's Prime Minister makes a keynote speech about reforming Greece within a changing Europe. As David Pollard reports, some still fear that may not be possible.

▲ Hide Transcript

View Transcript

A back to basics message from Greek prime minister, Alexis Tsipras. Listing three key points he sees as imperative for succeeding within the euro zone, as he spoke at the OECD in Paris. Number one: no more dealings with the troika of IMF, ECB and EU creditors. Number two: a restructuring of Greece's debt pile. (SOUNDBITE) (English) GREEK PRIME MINISTER, ALEXIS TSIPRAS, SAYING: "It is absolutely vital that for Greece, to have its public debt restructured. That would make the country solvent, lowering dramatically the yields of the ten year government bonds. And making it possible for us once again to meet our financing needs in the capital markets.'' Number three: Europe has to understand what ordinary Greeks are going through. (SOUNDBITE) (English) GREEK PRIME MINISTER, ALEXIS TSIPRAS, SAYING: "We can no longer pretend that there is no humanitarian crisis in Greece. A second sequence of the recessionary policies of internal devaluation. We can no longer pretend that the country's public debt is viable and serviceable when it stands around 178% of GDP." Greece does face a funding crisis. Many expect it to run out of cash by the end of this month - and unlikely to receive the last 7.2 billion euros of its bailout until it's embarked on its latest promise of reforms. In the meantime, the focus is shifting to Greece's worsening relationship with Germany - though some in the markets see much of that as no more than power play. Nick Beecroft of Saxo Bank. SOUNDBITE (ENGLISH) NICK BEECROFT, SENIOR MARKET ANALYST, SAXO BANK, SAYING: ''I think Greece, Germany, despite wars of words and personality clashes, will come through this. And each side has quite a good hand really, enough to frighten the other to compromise, so I'll think we'll reach the inevitable euro fudge.'' As it searches for funding, Athens is already reported to be tapping into a half a billion euros sitting in a bank rescue fund. On the plus side: it did successfully sell 1.3 billion euros of Treasury bills put up for auction on Wednesday. And the ECB is reported to have just raised its ceiling on Greece's central bank funding - by 600 million euros.

Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code

Greece's 'back to basics' message

Thursday, March 12, 2015 - 02:23