"This government, during
its four-year mandate, will set its seal on the
country's final exit from the crisis," Tsipras told
lawmakers at the opening of a three-day
parliamentary debate on his government's policy
platform, which ends with a confidence vote late
Wednesday. "I know that the road ahead will not be
easy ... But at the same time this will be a period
of hope."
Greece will only have
completely emerged from its crisis when it can
independently and consistently borrow in
international markets. Except for a brief period in
2014, it's been unable to do so since 2010 when
investors grew concerned about the country's ability
to service its sky-high debts.
"Over the next 20 crucial
months ... our target is to have restored market
liquidity, and regained market access," Tsipras
said.
Tsipras' address comes just
a couple of weeks after his left-wing Syriza party
unexpectedly won the general election by a wide
margin despite a series of U-turns that ended up
with July's bailout agreement. Following the
election, Tsipras reformed his previous coalition
government with the small, right-wing Independent
Greeks.
As part of the bailout, his
government has to enact more onerous spending cuts
and tax hikes. According to Monday's draft budget,
these will be worth 4.35 billion euros in 2016.
Tsipras said his government
has "a clear mandate" and that it will "start a
series of reforms that will radically change
Greece."
There was an
acknowledgement among Greece's European creditors
that Tsipras has altered considerably since he first
got elected on an anti-austerity platform in
January.
After Monday's meeting of
the eurozone's 19 finance ministers in Luxembourg,
the group's top official, Jeroen Dijsselbloem, said
the Greek government has changed tack since it
agreed to bailout in July.
"Maintaining that attitude
for reform is crucial to regain trust in and outside
Greece, so crucial for economic recovery," he said.
Dijsselbloem expressed his
hope that the Greek government will get 2 billion
euros ($2.1 billion) in bailout cash by the middle
of October once certain economic measures have been
implemented. He said Greece should be able to get a
further 1 billion euros at the end of the month,
once the next set of measures is agreed.
Greece will then face a
review to make sure it has implemented all the
required measures. A positive first review is
crucial as it will trigger the next phase in the
country's rescue — cash injections for the crippled
banks that could total 25 billion euros, and
discussions on how to lighten Greece's debt load.
"This will be perhaps the
last chance to restore Greek banks to health,"
Tsipras said.
Greece has relied on
bailout funds from its eurozone partners and the
International Monetary Fund since the spring of 2010
and is heading back into recession after painful
controls on money transfers were imposed by the
government in late June when it appeared headed for
a euro exit.
According to the country's
draft budget, Greece's economy will remain in
recession through 2016. Economy Minister Giorgos
Stathakis said later Monday that economic expansion
is expected to start again in early 2017, adding
that the recession might be much shallower than
expected in the year before.
The budget forecasts also
show unemployment rising steadily to 25.8 percent in
2016 and the debt burden at a staggering 192.4
percent next year, an increase the government
attributes to the planned bank recapitalization
program.
The Greek government is
hoping that abiding by the terms of its bailout will
pave the way to debt relief in the form of longer
repayment periods and lower interest rates on its
bailout loans from fellow eurozone countries.
Because of Greece's general
election there are some concerns in the markets that
Greece is behind schedule.
However, finance ministers
did not appear to be in a critical mood on Monday.
Wolfgang Schaeuble, the
German finance minister who suggested earlier this
year that Greece should be given a temporary opt-out
from the euro currency, appeared conciliatory.
"It's a little early to
talk about delays. Rather, we will naturally await
the first report and then we'll see," Schaeuble
said.