SBC News Voice of the Sports Betting Industry
The subject of Greece and its fiscal status will dominate this week’s European Union Finance Ministers counsel in Riga (Latvia). EU member states fear that the country is on verge of a further default following last week’s appeal for a further extension from the International Monetary Fund (IMF) for its next debt payment.
Greece who are led by the recently elected far left Syriza party under the leadership of Prime Minister Alexis Tsipras and Finance Minister Yanis Varoufakis currently owes the IMF around €1 billion in repayments. However the new government are refusing to comply with the conditions that its creditors have imposed on Greece and its previous bailout terms.
The IMF rejected Greece’s appeal, citing that the country had not made progress on its economic reform plan. EU finance ministers have criticised Syriza economic plans citing that the party has been unclear with regards to pension reforms and reducing the size of public sector.
At present Syriza leaders show no sign of reforming the key conditions on the country’s debt repayments as the party who were elected in January vowed to the Greek electorate that they would keep Greek pensions and increase pay for state workers.
Syriza stance against the conditions and the IMF’s actions have led UK bookmaker William Hill to suspend its market on Greece exiting the Euro zone.
Last week Prime Minister Tsipras and Finance Minister Varoufakis stated that the party remained confident that Greece would reach an agreement with its creditors
