Greek PM Tsipras pushes on with radical change, markets tumble




 
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January 28th, 2015  
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Topic: Greek PM Tsipras pushes on with radical change, markets tumble


By George Georgiopoulos and Angeliki Koutantou ATHENS (Reuters) - Prime Minister Alexis Tsipras promised "radical" change on Wednesday as his new government swiftly moved to roll back key parts of Greece's international bailout, prompting a third day of losses on financial markets. A swift series of announcements signaled the newly installed government would not back down from its anti-austerity pledges, setting it on course for a clash with European partners, led by Germany, which has said it will not renegotiate the aid package needed to help Greece pay its debts. The planned sale of a 30 percent stake in Public Power Corporation of Greece (PPC), the country's biggest utility, was halted while ministers pledged to raise pensions for those on low incomes and reinstate some fired public sector workers. Financial markets have looked on nervously, with Greek 10-year bond yields up 50 basis points at 10.30 percent, the main Athens stock index down 4 percent and bank stocks down 12.6 percent to extend losses into a third day.




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