This is the end? Greece’s final recommendations to creditors…listed

According to various press reports, Alexis Tsipras will present the following, final recommendations, to the Brussels oligarchs (via Bloomberg):

  • Greek plan to unlock bailout funds includes proposal to eliminate early retirement options starting from Jan. 1, 2016, a Greek government official says, asking not to be named.
  • Plan includes levy on companies with more than €500,000 in annual profits
  • Plan includes increase in “solidarity levy” for individuals earning more than €30,000/yr
  • Creditors ask permanent fiscal measures equal to 2.5% of GDP, Greece proposes measures equal to 2%/GDP; proposes to cover difference of 0.5%/GDP with “administrative measures”
  • Greek govt would agree to target demanded by creditors for 1%/GDP primary budget surplus
  • Greek govt insists on 3 bands for VAT rates; creditors want 2 bands; Greek govt proposes to move more products to higher band of 23%, in order to cover fiscal gap
  • Greek govt has proposed zero deficit clause, debt break for Greek budget; clause would include automatic spending cuts in case threshold is breached
  • Greek govt would be willing to adopt additional fiscal measures, if agreement with creditors includes commitment to debt relief

Varoufakis is confident a positive outcome will come on Monday in Brussels.

“By nature, I am an optimist,” said Yanis Varoufakis. “Tomorrow we’re going for a deal,” he said.


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