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The Greek Proposal and Differences with Creditors

The Greek proposal that was tabled on Thursday’s meeting of Eurozone finance ministers is published on the website of Kathimerini daily, showing the concessions Athens has made to secure an agreement with lenders.
Two texts were presented at Thursday’s Eurogroup: one by creditors and the other by the Greek side. This caused distress to the Eurozone finance ministers who asked the two sides to bring to Saturday’s Eurogroup session a single proposal that is agreed on by both. The Greek proposal was tabled to the Eurogroup only thirty minutes before the session started.
The basic differences as appear on the list are:
Value Added Tax: Lenders want revenues at 1 percent of GDP and Greece 0.93 percent.
VAT rates: Athens proposes 13 percent on all foods, hotels and restaurants, while creditors ask for 23 VAT on restaurants, hotels, catering and 13 percent only to food staples.
VAT in Aegean islands: Greece wants to maintain the 30 percent VAT reduction while lenders insist on its abolition.
Defence spending: The Greek side proposes reduction by 200 million euros, while creditors ask for 400 million euro cuts.
Insurance Funds: Athens proposes the merging of all insurance funds to be completed by the end of 2018, while the lenders’ side suggests the of 2017.
See the full text of Greece’s proposals here (pdf)

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