EU Commission Outlines EU-IMF Proposals Presented to Greece

EU Commission Outlines EU-IMF Proposals Presented to Greece

The European Commission on Monday revealed details of the proposals presented to Greek authorities by the institutions - the European Commission, European Central Bank and International Monetary Fund - after "eleventh-hour" talks between Greece and the institutions failed to clinch an agreement at the weekend.
Annika Breidthardt, a spokeswoman for European Commissioner Pierre Moscovici, denied some of the claims made in Athens and defended the package of proposals, saying it was "substantial, valid and made full economic sense."
 "The proposals meet the needs of the Greek people, the Greek government, but also of the other 18 (euro zone) member states," she added.
Giving details of the targets set for Greece, she said said these were focused in five areas, starting with a commitment to achieve a primary surpluses of 1 pct of GDP in 2015, 2 pct of GDP in 2016 and 3.5 pct of GDP until 2018.
 The proposals also called for tax reforms, with an independent body for tax and customs administration and to fight tax evasion, measures to shore up the financial system by dealing with non-performing loans, growth-oriented reforms to open up markets and modernise the labour market, and, lastly, an overhaul and modernisation of the public sector.
Breidthardt underlined that the fiscal targets demanded of Greece in 2015 had already undergone significant downward revision to 1 pct of GDP - rather than 3 pct of the original plan - and 2 pct in 2016 from the initial 4.5 pct. "This is a huge concession," she added.

Previous Next
Test Caption
Test Description goes like this
Cookies Preferences
Choose Type of Cookies You Accept Using

These cookies are required for the website to run and cannot be switched off. Such cookie are only set in response to actions made by you such as language, currency, login session, privacy preferences. You can set your browser to block these cookies but our site may not work then.

These cookies allow us to measure visitors traffic and see traffic sources by collecting information in data sets. They also help us understand which products and actions are more popular than others.

These cookies are usually set by our marketing and advertising partners. They may be used by them to build a profile of your interest and later show you relevant ads. If you do not allow these cookies you will not experience targeted ads for your interests.