European Parliament President vows ‘straight talking’ with Greek govt.

PanARMENIAN.Net - European Parliament President Martin Schulz say he will use "straight talking" in his first meeting with Greece's new left-wing-led government, BBC News reports.

Schulz's visit to Athens comes amid concerns over steps by PM Alexis Tsipras to halt austerity measures.

Greek bank stocks edged back up on Thursday, Jan 29, a day after dipping sharply as the government shelved privatization schemes required under bailout terms.

European leaders have insisted Greece must meet its debt obligations.

Tsipras has said he wants to renegotiate the terms - but insisted there will be no Greek default, which is feared may push Greece out of the eurozone.

Greece has endured tough budget cuts in return for its €240bn ($270bn) bailout, negotiated in 2010 with the "troika" - the EU, International Monetary Fund (IMF) and European Central Bank (ECB).

Its economy has shrunk drastically since the 2008 global financial crisis, and high unemployment has thrown many Greeks into poverty.

Ahead of his visit, the European Parliament president told Germany's Bild newspaper he would encourage the Syriza leader to clamp down on tax evasion in Greece. But he said he would focus on "straight talking" and had "no desire" to debate fiscal plans.

Germany's vice-chancellor also reiterated the need for Greece to respect the terms of its bailout on Thursday.

Speaking in the German parliament, Economy Minister Sigmar Gabriel said the new Greek government could not expect the rest of Europe to carry what he called their "burden".

"People must respect the democratic decision of voters and a newly-elected government's right to decide its course but the rest of Europe's citizens should not have to expect changes in Greek politics to burden them," he said.

Jeroen Dijsselbloem, the president of the Eurogroup club of eurozone finance ministers, will visit Athens on Friday.

Ahead of the dignitaries' trips, the president of the European Commission reiterated that cancelling Greece's huge debt was not an option.

"Greece must comply with Europe," Jean-Claude Juncker said in an interview with French newspaper Le Figaro on Thursday, stressing that "there is no question of cancelling the debt".

"Arrangements are possible, but they will not fundamentally alter what is in place."

In his first cabinet meeting since Sunday's election victory, Prime Minister Tsipras insisted that his country would not default on its debts and vowed to negotiate with creditors over the bailout.