Greece debt crisis: Athens blinks first as Alexis Tsipras promises to ‘immediately implement’ reforms – in return for loan from bailout fund

‘Greek leaders appeared to blink first in the eurozone stand-off with Germany, promising to “immediately implement” tax and pension-related measures in return for a three-year loan from Europe’s bailout fund.

In the letter sent to the European Stability Mechanism (ESM), the Athens government said it would “set out in detail its proposals for a comprehensive and specific reform agenda” that would avert national bankruptcy and an exit from the euro. These would include reforms to the tax and pension system, the letter promised.

However, the letter did not specify if Greece had agreed to the meet the full demands of its creditors and eurozone members which have called for a host of austerity measures including large cuts to pensions, VAT increases and a more robust tax-collection regime.’

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