Greek PM says common ground found with lenders but red lines remain

Greek Prime Minister Alexis Tsipras said on Friday that Athens and its lenders had found common ground in their negotiations but the government would not back down from its red lines such as no cuts to wages and pensions.

Tsipras said the two sides had agreed on fiscal targets and VAT rates, but disagreed on labor issues and pension reform. He said a deal should include low primary budget surplus targets for 2015-16 and a debt restructuring.

“From this podium I want to assure the Greek people that there is no possibility or chance that the Greek government will back down on pension and labor issues,” Tsipras told a conference.

Greece, which is fast running out of cash, hopes to reach a deal with its lenders that will unlock further aid under its bailout by the end of the month.


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