UPDATE: New Greek government to seek renegotiation of bailout terms on salaries, taxes

By: Associated Press Email
By: Associated Press Email

Greece's new coalition government says it wants to repeal some taxes, halt layoffs and extend by two years the deadlines for tough austerity measures imposed under its international bailout agreement.

The policy statement issued says the coalition wants to change the deal so there will be "no more cuts to salaries and pensions" and "no more taxes." It also says the government will not carry out any public sector layoffs.

Greece has been dependent since May 2010 on funds from two international rescue loan deals with other European Union countries and the International Monetary Fund. In return, Greece has made a series of deep spending cuts and tax hikes.

Whether the new government can deliver on its renegotiating pledges will depend on how they are viewed by their international creditors. Germany is the largest single contributor to Greece's bailout, and it has repeatedly said Athens must stick to its austerity targets.

Debt inspectors from the European Commission, European Central Bank and IMF are due to return to Athens on Monday.

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