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Greece repays loan, faces next hurdle

Thursday, April 09, 2015 - 02:17

Greece has been given a six day deadline by euro zone ministers to come up with revised reform proposals. Ciara Lee reports on the latest in the country's debt crisis and asks whether a deal will be reached in time.

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A sigh of relief for Greece as it submits a 450 million euro IMF repayment. But the country is now faced with yet another deadline. After Athens begged for cash at a meeting in Brussels, euro zone deputy finance ministers have given Athens six working days to come up with a list of viable reforms. And that's causing concern for some in Greece. (SOUNDBITE) (Greek) ATHENS RESIDENT, JULIA TAMBOUREA, AGED 48, SAYING: "I feel this fear everywhere, with people wondering where how this situation will play out." (SOUNDBITE) (Greek) TEACHER, ILIAS PAPHATZIS, SAYING: "They should first experience the poverty and hunger that people are suffering here and then ask for new reforms." The new deadline could help pave the way for a deal to be reached at a Eurogroup meeting on April 24th... and crucially unlock bailout aid. Darren Sinden is from Admiral Markets. (SOUNDBITE) DARREN SINDEN, MARKET RESEARCH AND CLIENT RELATIONS MANAGER AT ADMIRAL MARKETS, SAYING: "If they don't raise some money externally from somewhere or are able to make substantial domestic asset sales, then they are going to run out of money sooner rather than later. And so I think at some stage, you will probably see the ECB and the EU give a bit of ground and provide some short term liquidity." Cash-strapped Athens has already submitted a reform list but EU and IMF negotiators say it is too optimistic, and fails to fully address pensions and labour markets. Sensitive issues for Alexis Tsipras' leftist Syriza party. (SOUNDBITE) (Greek) GREEK PRIME MINISTER ALEXIS TSIPRAS, SAYING (ACCORDING TO OFFICIAL TRANSLATION): "The objective of our government is to keep Greece in the eurozone. We believe that the problems we face are common problems, common European problems, and that's why we are seeking a common European solution for this task." The upcoming Eurogroup meeting is seen as pivotal to resolving the crisis, but it could result, yet again in stalemate. (SOUNDBITE) DARREN SINDEN, MARKET RESEARCH AND CLIENT RELATIONS MANAGER AT ADMIRAL MARKETS, SAYING: "The Greeks will try and tough it out up to and possibly including the Eurogroup meeting. They will try and bluff their hand if you compare it to a game of poker and try and force a concession from the EU, rather than giving ground first." The news comes after the Greek PM met with Russian President Vladimir Putin. Putin offered up long-term cooperation but no financial aid.

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Greece repays loan, faces next hurdle

Thursday, April 09, 2015 - 02:17