Tag Archives: European Commission

Greece brands creditor demands unacceptable as endgame nears

The Telegraph

Greece vows never to ‘surrender’ to creditors as talks between Athens and Brussels fail to break impasse

szu-headshot_1950373jBy  who is a Business reporter. She writes about economics and helps to edit the Finance channel.

Greece has described demands from its creditors to reach a debt deal as unacceptable, as late night talks in Brussels failed to break the deadlock between the two sides.

Athens vowed on Thursday never to “surrender” to its European creditors. Alexis Tsipras, the Greek prime minister, told reporters that Greece’s plan formed the only “realistic proposals on the table’.

According to reports in the Greek media, the demands by the EU, European Central Bank and the International Monetary Fund that were presented by European Commission president Jean-Claude Juncker to Mr Tsipras in a late night meeting included:

  • Achieve a primary surplus of 1pc this year, 2pc in 2016, 3pc in 2017 and 3.5pc in 2018
  • VAT increases of €1.8bn (£1.3bn) in 2015
  • Double the lowest rate on VAT to 11pc, which currently applies to medicines and energy bills
  • Implement pension cuts worth 0.5pc of GDP (or around €900m) for 2015 and 1pc in 2016
  • Abolish a benefit given to anyone over 60 and earning less than €8,500 per year

“The realistic proposals on the table are the proposals of the Greek government,” Mr Tsipras told reporters early on Thursday. He said the Syriza-led coalition would not “make the same mistakes, the mistakes of the past”.
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