Eurozone not to accept Greek economic reforms plans: European Commission

European Commission President Jean-Claude Juncker has advised the Greek government not to presume that the Eurozone would simply accept their new premier’s promises about dropping economic reforms.

On Monday, Juncker told the Greek government that it "must not assume that the overall mood in Europe has changed so much that the eurozone will unconditionally adopt the government program" proposed by Greek Prime Minister Alexis Tsipras.

He added that he did not expect any progress to be reached on Greece’s demands during an EU summit in the European Union’s de facto capital Brussels scheduled for Thursday.

He also said that the Greek Prime Minster, "only partly addressed" the EU’s concerns in his speech in Athens.

German Chancellor

Meanwhile, German Chancellor Angela Merkel called on the Greek government to present a "sustainable” financial plan to tackle fears of the country’s exit from the EU.

"I've always said I'll wait for Greece to come with a sustainable proposal and then we'll talk about this," she said.

New economic deal

According to a finance ministry source on Monday, Greece wants a fresh economic deal with its EU creditors to be enforced in September.

"It is in our interest to have the deal running from September 1," said the source ahead of the upcoming Brussels talks.

The official went on to say that "Our red line is the humanitarian crisis and a major reduction in the primary surplus targets."

Eurozone exit

The Greek Finance Minister Yanis Varoufakis warned on Sunday that his country’s exit from eurozone would trigger a collapse in the “house of cards.”

"Greece's exit from the euro is not something that is part of our plans, simply because we believe it is like building a house of cards. If you take out the Greek card, the others will collapse," Varoufakis told Italian Media.

Varoufakis had also said Italy could be the next victim of the debt crisis, citing the country’s huge debt was unsustainable. He said Rome should assert intention for a renegotiation of the debts with EU, a job that Greece’s new government has promised to do despite objections by major EU officials.

Greek Prime Minster Speech 

In his first policy address to Parliament on Sunday, the new Greek prime minister said the country cannot ask for an “extension of mistakes,” beyond February 28 when bailout loan by international creditors is slated to end, adding that "the bailout failed."

Tsipras further stated that within the next 15 days Greece is considering a “bridge” agreement with European partners that asks for permission to issue additional short-term debt while it seeks a new deal.

In 2010, Greece enforced severe budget cuts in return for a 240-billion euro (USD 270-billion) bailout from the troika of lenders - the European Commission, the International Monetary Fund (IMF) and the European Central Bank (ECB).

SRK/NT

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