Greece presents list of proposed reforms
- Greece’s new anti-austerity(sternness or severity of manner or attitude) government submitted a preliminary list of reform proposals to Brussels on February 23 in a bid to secure a four-month extension to its lifeline debt bailout, a European source said.
- If the measures fail to win the approval of Greece’s EU creditors, the country’s safety net will collapse on Saturday leaving the government at risk of running out of cash, a run on banks and even a eurozone exit.
- But hard-left Prime Minister Alexis Tsipras, whose Syriza party swept to power in elections last month, could also face a voter backlash if he fails to deliver on promises to ease the pain of ordinary Greeks after years of swingeing(severe or otherwise extreme) government spending cuts.
- In the latest in a series of dramatic showdowns over Greece’s €240-billion-euro ($270-billion) bailout(an act of giving financial assistance to a failing business or economy to save it from collapse), flamboyant((of a person or their behavior) tending to attract attention because of their exuberance, confidence, and stylishness) new Finance Minister Yanis Varoufakis secured the extension from his 18 fellow eurozone partners in Brussels on Friday.
- The eurozone, officially called the euro area is a monetary union of 19 European Union (EU) member states that have adopted the euro (€) as their common currency and sole legal tender.
- The eurozone consists of Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain. Other EU states (except for Denmark and the United Kingdom) are obliged to join once they meet the criteria to do so.No state has left, and there are no provisions to do so or to be expelled.