“While no deal has been reached, the Greek government’s latest proposal makes major concessions on cutting deficits in the country’s pension system – a long-standing demand of Greece’s creditors.
According to the Greek’s, the pension savings should amount to 0.4% of GDP this year and 1% starting in 2016 – pretty close to the target demanded by the IMF, ECB, and EU governments. Pencil pushers in Brussels will spend the next few days going through the numbers ahead of an emergency summit late this week,” Seeking Alpha reports.
ATHENS/BRUSSELS — A new Greek offer for a cash-for-reforms deal raised hopes of an agreement as euro zone leaders prepared for an emergency summit on Monday, with EU officials welcoming the proposals as a “good basis for progress” to avert a default by Athens.
European shares surged and the Greek stock market jumped nearly 7 per cent on hopes that the government could finally end months of wrangling that have left the country on the verge of bankruptcy and possibly being pushed out of the euro bloc.
In a sign of the more positive mood music, EU Economic Commissioner Pierre Moscovici said he was “convinced” that eurozone leaders would find a resolution on the basis of the latest proposal by Greek Prime Minister Alexis Tsipras.
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The contents of the new offer have not yet been officially divulged, but Greek officials say it acquiesces to some of the demands…
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