New Greek PM Alexis Tsipras says his country will not
default on its debts.
Addressing his first cabinet meeting since being elected on
Sunday, the left-wing Syriza party leader said he would negotiate with
creditors over the €240bn (£179bn; $270bn) bailout.
Saying his first priority was to help those in need, Mr
Tsipras promised "realistic proposals" for an economic recovery and
vowed to fight corruption.
The EU has warned his government to stick to its creditor
commitments.
As the newly-elected leader of the radical left party made
his inaugural cabinet speech, Greek 10-year bond yield rose above 10% -
reflecting investors' concerns about short-term risks of a debt restructuring
over the coming months.
We won't get into a mutually destructive clash but we will
not continue a policy of subjection," Mr Tsipras told the televised
cabinet meeting.
The troika of lenders that bailed out Greece - the European
Union, European Central Bank and International Monetary Fund - imposed big
budgetary cuts and restructuring in return for the money.
Vowing to defend Greek dignity, Mr Tsipras said a
renegotiation of the Greek debts would be in search of "a viable, fair,
mutually beneficial solution". He did not give any details.
His recovery plan - involving reform and changes, in
addition to fighting tax evasion - was aimed at preventing deficits in the
future.
The Greek government's chief economics spokesman, Euclid
Tsakalotos, has argued that it is unrealistic to expect Greece to repay its
huge debt in full.
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