Greek stocks tank as standoff intensifies

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http://money.cnn.com/2015/02/09/investing/greece-stocks-tsipras-eurozone/



EU leaders say Greece must pay its debts

Greek stocks tank as standoff intensifies
By Virginia Harrison
February 9, 2015: 8:11 AM ET

Stocks in Athens fell sharply Monday after Prime Minister Alex Tsipras outlined plans to reverse a string of economic reforms in defiance of Greece's bailout terms. He is due to meet fellow European leaders this week.

Tsipras' party was elected last month on a promise to scale back severe spending cuts that Greece imposed in exchange for about €240 billion ($271.5 billion) in international rescue loans.

Setting out his policies in parliament Sunday, Tsipras vowed to raise the minimum wage to €750 per month by 2016, rehire some public sector workers and free food and electricity for the poorest households. He promised to raise the tax threshold to €12,000 from €5,000, and halt the privatization of utilities.

Tspiras said he would not seek an extension to Greece's current bailout, which expires at the end of the month. Instead, he wants a bridging arrangement to tide Greece over until June while a new deal is hammered out.