06-16-2015, 01:24 PM
Why insist on pensions? Pensions and wages account for about 75% of primary spending; the other 25% have already been cut to the bone. Pension expenditures account for over 16% of GDP, and transfers from the budget to the pension system are close to 10% of GDP. We believe a reduction of pension expenditures of 1% of GDP (out of 16%) is needed, and that it can be done while protecting the poorest pensioners.
Greece: A Credible Deal Will Require Difficult Decisions By All Sides | iMFdirect - The IMF Blog
"While some progress was made, the talks did not succeed as there remains a significant gap between the plans of the Greek authorities and the joint requirements of Commission, ECB and IMF," it said. These amounted to up to €2bn a year in permanent budget savings.
'Last attempt' negotiations over Greek debt fail - RTÉ News
Greek banks saw deposit outflows of about 400 million euros ($449 million) on Monday as the pace of withdrawals picked up from last week after talks with the country's creditors over an aid-for reforms deal broke down on Sunday, bankers said.
Greek banks see deposit outflow of $449 million on Monday: bankers - Yahoo Finance