News Summary: Greek Opposition Seeks Payment Delay

By The Associated Press

BAD CYCLE: A week after Greece got slightly better terms for its bailout loans and debt reduction plan, the leader of the anti-bailout party said that the austerity policies pursued by government would weaken the economy and leave the country ever-more reliant on emergency loans.

CALL FOR DELAY: Alexis Tsipras, who heads the Radical Left Coalition Party, called for a delay in loan repayment until the end of the recession, headed for its sixth year.

AUSTERITY IMPACT: The conservative-led government says Tsipras' policies are unrealistic and would see Greece default on its debt and leave the eurozone. Greece has depended on international rescue loans since May 2010. It imposed spending cuts and tax increases. The economy has slumped more than 20 percent and the unemployment rate is 25 percent.

Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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