Greece raises the pressure in the final stretch of negotiations by postponing a series of heavy repayments to the IMF to ensure financial relief while showing his face firmly to requirements deemed “extreme” creditors.
After four months of negotiations, what may even prevent an agreement between the Greek government and its creditors? Blocking points focus on the cost to the Greek budgetary savings and the pension system, with in the background the question unresolved, the debt sustainability. Greece tries to save time. Yet time is short. The agreement with its creditors must be validated before the next Eurogroup to be held … 15 June The Greek people is concerned. Almost half of the respondents ask their Prime Minister Alexis Tsipras to accept the proposal of international creditors when 35% of them claim that he rejects it, according to a survey of the Greek agency Metron Analysis. Explanations.
• How many billion euros Greece should it find?
What are calling donors
Its creditors (EU, European Central Bank and International Monetary Fund), ask Athens to find € 3 billion this year to achieve a primary fiscal surplus (excluding interest on debt ) 1% of 0PIB in 2015 to bring to 3.5% in 2018. Among the tools to achieve this, a reform of the VAT rate to 11% for medicines, food and hospitality and 23% for the rest.
What offers Greece
“Too expensive for the Greeks,” plunged into a “humanitarian crisis” retorted the Greek government of radical left. The latter offers a balance of 0.6% of GDP in 2015, again increased to 3.5% in 2018. What to allow a more socially adjusted VAT: 6% for drugs, 11% for food, electricity and water 23% for the rest. In return, Athens provides in particular to increase taxes for incomes over 30,000 euros per year to tax television licenses.
The sky continues to darken over the head of the Greeks
• How to bridge the pension system of the hole?
What are calling creditors
The Greek pension system needs to be set to the time the “zero deficit”, via spending cuts of 450 to 900 million euros in 2015 and 1.8 billion in 2016. They prescribe limit early retirement, to pay more for health care for retirees and remove a support premium those earning less than 700 euros per month pension.
What offers Greece
For the Greek prime minister, Alexis Tsipras, “ideas like cutting into the lowest pensions can not be discussion databases “. Greece wants to return the “zero deficit” to 2017 in anticipation of a large ongoing fundamental reform developed. The only point of agreement is “the unification of the pension funds,” said the government.
• How to overcome the economic depression?
In terms of the labor market, that creditors want to further deregulate, differences have narrowed. It remains to resolve the issue of restoration of collective agreements abolished under pressure from the EU and IMF. Alexis Tsipras committed himself, creditors exclude it for 2015.
On privatization also, the positions have moved closer, Athens is back on his departure by saying opposition want to make it an instrument of growth. But if a compromise is emerging for the sale to the private ports and airports, Greece refuses privatization in the electricity demanded by its creditors.
For fear of the future, the Greeks never cease to withdraw their money from banks
• What next?
What are calling creditors
The project agreement creditors opted for the “no words” on the issue of debt Greek public, though foreseen by the Commission at 180% of GDP by 2015, a level considered unsustainable the general opinion.
What offers Greece
For Greece, which means instead that the principle of a restructuring to be reaffirmed, “the signing of the agreement depends on a solution to the debt. ” The eurozone had agreed to discuss in 2012 after the Greek budget primary surplus, but fell once this balance turned green, in January 2014.
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