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Greece's Tsipras seeks compromise on cash-for-reforms deal


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Greece's Tsipras seeks compromise on cash-for-reforms deal

It’s a tough balancing act for Greek Prime Minister Alexis Tsipras.

To clinch a deal that would prevent Greece from defaulting on its debts, he needs to negotiate with both international creditors as well as his own anti-austerity party Syriza.

On Tuesday (June 9), Tsipras came forward to both his creditors and Syriza with new reform proposals including a VAT hike and higher budget surplus targets.

Tsipras is also set to meet German Chancellor Angela Merkel and French President Francois Hollande in Brussels on Wednesday (June 10).

The European Commission says if Athens is willing to compromise, a deal could be reached within days.

Tsipras was elected on a pledge to end years of austerity depressing the economy.

But Greece is fast running out of cash. Its bailout program expires at the end of June and it needs to unlock the remaining funds to pay its debts on time.

Athens has received nothing from its international creditors since last August, and these are unwilling to release more funds unless it makes the budget reforms they say the country needs to finally pull itself out of crisis.

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