06-24-2015, 09:36 AM
Thousands of Greeks rallied outside parliament in central Athens to urge the government to reach an agreement with its creditors that will keep the country inside Europe’s monetary union.
Thousands Rally in Athens to Urge Deal as Default Threat Grows - Bloomberg Business
The Greek proposals are projected to save 2.7 billion euros ($3.1 billion) or 1.51% of gross domestic product in 2015, up from €2 billion in Greece’s initial proposal, according to Greek newspaper Kathimerini, which posted a copy of the official cost analysis of the Greek proposal late Monday. In 2016 the measures would save €5.2 billion or 2.87% of GDP, up from €3.6 billion in the initial proposal.
These are the 2 main points of contention in the Greek debt saga - MarketWatch
Europe is hatching an agreement to release 7.2 billion euros ($8 billion) in bailout loans to Greece, without which the country will default to the International Monetary Fund next week, and possibly tumble out of the eurozone. Markets like the latest Greek proposal because it would deal with the immediate crisis, but it could store up trouble for the future. Here are three big problems with the plan:
Greece's new rescue plan is deeply flawed - Jun. 23, 2015
Bailouts, austerity, riots and bond swaps - key events in the run-up to Friday's news that investors in Greece have agreed to write off 75% of their loans
Greek debt crisis: timeline | Business | The Guardian
Well, the current chaos in Greece – a chaos which has seen a proud country endure a slump worse than America’s Great Depression, with national income now barely two-thirds of its 2008 level and youth unemployment a heart-breaking 52pc – should make it respectable for mainstream analysts to end this charade and declare, unequivocally, that the euro is now more trouble than it’s worth and should be entirely broken up.
The future of the euro rests with unfortunate Greeks - Telegraph
In total, the Greek plans amount to around €7.9bn in fiscal measures. Of that, €7.3bn is in the form of tax increases and changes to the social security contributions. One of the most controversial areas of taxation has been VAT. Greece's creditors want the country to implement a simplified two-tier tax structure, rather than the three-level system currently in use. The biggest concession seems to be on the series of VAT exemptions, such as those imposed on food services (restaurants, for example). These are now set to jump from the middle band of 13pc to the highest rate of 23pc.
A Greek capitulation: Has Tsipras finally crossed Syriza's 'red lines'? - Telegraph