Greek PM Launches Bid to Secure Better Bailout Terms

Posted August 22nd, 2012 at 12:25 pm (UTC-5)
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Launching a diplomatic bid aimed at securing better economic-bailout terms, Greek Prime Minister Antonis Samaras has met with Eurogroup President Jean-Claude Juncker in Athens.

Later this week, Mr. Samaras will meet in Berlin with German Chancellor Angela Merkel and in Paris with French President Francois Hollande.

Before meeting Juncker, Mr. Samaras told the German newspaper Bild that Greece is not seeking more money from its international creditors. He said Greece only wants a little more time to make spending cuts and reforms that would revive its recession-plagued economy and boost income.

Greece's creditors have demanded it impose significant austerity measures to cut its deficit in exchange for $295 billion in bailouts.

Greek leaders must still agree on $14 billion in cuts to secure the release of a new portion of the aid in September and avoid a default on its loans.

The country's economy has been in recession for five years, and the unemployment rate is more than 23 percent.