Greece ‘must’ strike deal by end of month

Greece needs to strike a deal with its creditors by the end of the month to stay afloat, its government said yesterday, as investors ditched Greek bonds in a sign of growing concern about possible bankruptcy.

Despite its precarious position, Athens said it would not abandon its “red lines” in talks with the International Monetary Fund and eurozone partners. These include a debt restructuring, a lower target for the primary surplus to take in more than it spends apart from debt interest payments, and a pledge to make no further cuts to pensions or wages.

“We are not putting red lines because we have a fetish about these red lines,” said Greek government spokesman Gabriel Sakellaridis. “We think they are necessary elements of a deal so that we don’t once again have the problems of the past.”