Austerity

: But he said his government had been elected to end austerity – a position he has maintained since talks with creditors broke down after just 45 minutes on Sunday – and that he could not compromise that position by signing up to further cuts to the country pension system or greater VAT on basic goods. "The mandate we have got from the Greek people is to end austerity policy," he told his leftist Syriza party at a parliament meeting in Athens, Reuters reports, according to The Independent. Alexis Tsipras: ‘This is not ideological stubbornness’ #Tsipras says ECB insists on tactics that strangle Greece; IMF has criminal responsibility for what happened in Greece during crisis— Francine Lacqua June 16, 2015 "In order to achieve that, we have to seek a deal which will spread the burden evenly and which will not hurt wage earners and pensioners," he said. Tsipras said he wanted to strike a deal with creditors that could put an end to fears that Greece will leave the euro. On Monday Guenther Oettinger, Germany EU Commissioner, said Greece could face a 'state of emergency' on July 1 if it does not reach a deal with its creditors. #Tsipras says deciding who will pay taxes in this country is 'the sole responsibility of the government'— Daphne Papadopoulou June 16, 2015 The market is taking note of the ongoing crisis in Greece this week. Meanwhile Greek government interest rates shot up, suggesting investors believe a sovereign default is more likely. Stock markets fell on Monday, hitting Greek shares harder than most. (news.financializer.com). As reported in the news.