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Greece Negotiations With Its Creditors Likely to Resume on Monday

7/02/15 4:00 AM EDT
The former U.S. Ambassador to Greece says with new proposals for the Greek budget and debt obligations on the table, he predicts that ‘we are likely to see negotiations after the referendum is held on July 5th.’ Nick Burns says that if Greece votes 'no,' then Alexis Tsipras, the current prime minister of Greece, ‘will go back to the European Union, the Central Bank, and the IMF and say, ‘I’ve got the support of the Greek people, negotiate with me!’ and thinks he will have a stronger position.’ Alternatively, if Greece were to vote 'yes,' Burns says, ‘then Tsipras has to accept the bailout package the EU offered him, that he turned down last weekend.’ Burns argues that Tsipras views the referendum as ‘part of a negotiating strategy’ but that Tsipras has miscalculated how it will play out. Headlines on the subject of Greece and its impending debt financings have been changing almost hourly as the country gets dangerously close to defaulting on its loans and potentially exiting the European Union. TheStreet’s Rhonda Schaffler sat down with Nick Burns, Harvard University professor and former United States ambassador to Greece, to speak about the current situation in Greece.
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