Alexis Tsipras Shrugs Off EU Demands For Deal With Greece's Creditors

Over the weekend, newly elected Greek Prime Minister Alexis Tsipras shrugged off EU demands that the nation strike a deal with its creditors and pledged to continue moving forward with his plans to reverse the nation’s austerity cuts.

He said that Athens would refuse to continue with its bailout plan and instead seek a loan from its creditors that would last until June.

Next Round Of Funding On The Chopping Block

Tsipras’ demands and refusal to comply with previously agreed to bailout conditions has created a stalemate between Athens and the rest of the EU.

This week, the region’s policy makers are set to meet to discuss how to move forward with the nation’s latest installment of bailout funds, due at the end of the month.

If Greece does not receive funding, the nation’s cash will likely dry up within weeks.

How Much Is Greece Really Worth?

The value that Athens brings to the eurozone as a whole will be at the heart of this week’s discussions, as that will dictate just how lenient the nation’s creditors are willing to be.

Since Tsipras came in to power, there has been murmuring from EU leaders that the currency bloc could survive if Greece chose to exit. On Sunday, UK Treasury chief George Osborne told the BBC that the UK government is preparing for the worst, but hoping to find common ground at this week’s meetings.

Osborne said the UK has begun contingency planning incase of a Greek exit from the eurozone, something that would rock financial markets around the world.

Related Link: Is A 'Grexit' Back On The Table?

Tsipras To Visit Moscow

Greece seems to be doing some contingency planning of its own; after speaking out against EU policies against Russia, Tsipras and his government claimed responsibility for blocking tougher sanctions against Moscow over its role in Ukraine.

Athens’ ties to Russia have become a point of conflict for EU defense ministers, and to make matters worse, Tsipras recently accepted an invitation from Russian President Vladimir Putin to visit Moscow in May.