Brinkmanship on Display as Greece Rejects ‘Irrational’ IMF Proposals

‘Greek Prime Minister Alexis Tsipras on Friday rejected the financial aid proposal of introduced by foreign creditors overseeing the country’s bailout, saying the Syriza government cannot accept “irrational” proposals that call for additional austerity measures while offering nothing in the way of debt relief.

In a rarely used move, Tsipras announced Greece would defer a series of payments to the end of the month as negotiations with the troika—the International Monetary Fund (IMF), the European Central Bank, and the European Commission—continued. However, the creditors are withholding $8.06 billion from Greece’s international economic assistance program until those differences can be worked out.

The Center for Economic and Policy Research (CEPR) lauded the move, saying it shows that the troika can’t dictate the terms of an agreement.’

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