As Greece waits to hear whether it will be allowed to withdraw early from a bailout program that saved the country from insolvency, its minister of public order said a recent rise in Greek interest rates is a warning that the country can't undo reforms.
Minister Vassilis Kikilias, on a visit to New York and Washington, D.C., said investors' negative reaction toward Greece in recent weeks wasn't due only to its attempt to leave the bailout ahead of schedule, but also about "global" events in the markets.
He did add, however, that it was also a warning for Greek politicians to "stop promising people things that we cannot deliver. Then things are going to go wrong."
Greek stocks and government bonds sold off when Greek Prime Minister Antonis Samaras announced he would try to leave the multibillion-dollar bailout program early. The European Commission took up consideration of the proposal this week.
But yields also rose on fears there will be snap elections in the spring and the leader of the radical left, Alexis Tsipras, might win the election. He is currently leading in the polls.
Kikilias said he hopes and believes there won't be an election next year. A goal of the government, he said, is to change the structure of the Greek government in order to have more consistent elections cycles.
"Elections should be made every four years, like our constitution clearly states, so that our economic program and political program can be initiated and fulfilled," he said.
The Greek parliament accepted a bailout from the International Monetary Fund, European Commission and European Central Bank in early 2012 after the country's borrowing costs skyrocketed so high that the country could no longer fund itself.