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1 Apr 2015
Greece submits new proposal to Eurozone - FT
FXStreet (Córdoba) - Greece submitted a new list of economic reforms to Eurozone institutions on Wednesday. According to a draft proposal obtained by the FT, Greece aims to raise revenues by cracking down on tax evasion and corruption while reversing cuts to pensions and labour market reforms.
This new 26-page list of reforms comes after Friday’s proposal had a cool reception from Eurozone authorities.
“The larger purpose of this document is, in the first instance, to unlock short-term financing that will permit the Greek government to meet its immediate obligations, and to meet the stipulations of the European Central Bank so that Greek government bills may again be issued to Greek banks and rediscounted at the ECB. The Greek government considers that these steps are now essential preconditions for the stabilization of the Greek economy” the document reads in the introduction. “The Hellenic Republic considers itself to be a proud and indefeasible member of the European Union and an irrevocable member of the eurozone.”
However, according to FT sources, a deal, which Greece needs to unlock any bailout funds, is not expected before next scheduled Eurogroup meeting on April 24.
Earlier, the Hellenic Republic had denied that it would be unable to meet a €430 million payment to the IMF on April 9.
Meanwhile, the European Central Bank decided to raise once again the Emergency Liquidity Assistance (ELA) for Greek banks by €700 million to €71.8 billion.
This new 26-page list of reforms comes after Friday’s proposal had a cool reception from Eurozone authorities.
“The larger purpose of this document is, in the first instance, to unlock short-term financing that will permit the Greek government to meet its immediate obligations, and to meet the stipulations of the European Central Bank so that Greek government bills may again be issued to Greek banks and rediscounted at the ECB. The Greek government considers that these steps are now essential preconditions for the stabilization of the Greek economy” the document reads in the introduction. “The Hellenic Republic considers itself to be a proud and indefeasible member of the European Union and an irrevocable member of the eurozone.”
However, according to FT sources, a deal, which Greece needs to unlock any bailout funds, is not expected before next scheduled Eurogroup meeting on April 24.
Earlier, the Hellenic Republic had denied that it would be unable to meet a €430 million payment to the IMF on April 9.
Meanwhile, the European Central Bank decided to raise once again the Emergency Liquidity Assistance (ELA) for Greek banks by €700 million to €71.8 billion.