ANKARA
The Greek left government has warned Wednesday that the viability of the EU, and subsequently the common currency, the euro, was at stake as it announced a revised reform plan in exchange of a much-needed financial aid package.
“The viability of that Union, and especially of the common currency, is now in question, in the minds of many Greek citizens as it is in the minds of many among our European partners.” said the statement attached to new reform program published by Finance Ministry.
Greece is locked in intense negotiations with its European creditors for the continuation of its bailout.
New liquidity aid from the European creditors is urgently needed as Athens has to make an approximate $2.7 billion payment until a Eurogroup members meeting on April 24, in addition to a $464 million payoff to the International Monetary Fund next Thursday.
Unless the next €7.2 billion ($7.8 billion) tranche of the bailout package is released shortly, Greece will run out of funds to run its banks and its public services by the end of April.
According to a new reforms document submitted to creditors late Wednesday, the Greek government anticipates a surge between $4.96 and $6.6 billion in revenues thanks to substantial tax increases.
But the new program also plans extra spending for pensions, which is expected to cost around $1.2 billion, suggesting international creditors may abstain from trusting the Greek government's new pledges.
In new reforms program, Athens expects the country’s economy to grow by 1.4 percent, down from previous forecast of 2.9 percent, in 2016.
