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

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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