Greece calls for new debt restructuring deal

During a parliamentary debate in Athens on Monday night, Prime Minister Alexis Tsipras said he would win an honorable compromise from Greece's lenders.

"We seek an honest compromise with our partners, but do not expect us to sign an unconditional surrender," Tsipras said in parliament on Monday.

The prime minister said his government had not abandoned its pledge to seek a debt settlement and push for more generous deficit targets.

Tsipras said he would "stop the bleeding" in Greece and repeatedly argued that the country needed a new debt restructuring deal.

"There is the recognition (from lenders) of the need to finally begin a debate on the necessary restructuring of the Greek debt," he said. "Because without such an intervention it is impossible to repay it."

Athens has debt repayments and rollovers of nearly three billion euros ($3.3 billion) in April with obligations rising further in the coming months.

The International Monetary Fund (IMF) and European Union (EU) are studying a list of reforms proposed by the Greek government in order to gain approval from its creditors for the release of 7.2 billion euros in loans. The reforms would help raise an extra three billion euros without implementing wage or pension cuts, according to the Athens government.

But the EU warned on Monday there was still no deal. In Brussels, EU Commission spokesman Margaritis Schinas said "we're not there yet." A deal with Greece "requires a lot of technical work," she added.

"This is why the talks should benefit from further fact-finding in Athens that should continue," Schinas remarked.

During a visit to Finland on Monday, Chancellor Angela Merkel commented on the negotiations with Greece: "In the end, the overall framework must be right."

jm/bk (Reuters, AP, dpa)