Greece's Creditors Rejected the New Government's Appeals for Alleviations

Greece's creditors rejected the calls of the country's new conservative government to alleviate the strict budgetary conditions agreed in the rescue program.

Conservative leader Kyriakos Mitsotakis sworn in as prime minister yesterday. During the election campaign he promised to cut taxes and negotiate new terms with international creditors. He pledged to make Greece more business-friendly, attract foreign investment, and to modernize the country’s notorious bureaucracy.

But eurozone finance ministers who met in Brussels said the already agreed goals with Athens would not be changed. Mario Centeno - President of the Eurogroup:

"Commitments commitments. If we break them, reliability is the first thing that breaks down, which leads to a lack of trust and investment, and finally to a lack of growth."

New Greek Prime Minister Kyriakos Mitsotakis has to cope with a national debt exceeding 180 percent of gross domestic product and 45 percent of non-performing or risky loans to banks, according to Associated Press.

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