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.