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You can find the current article at its original source at http://www.theguardian.com/business/live/2015/jul/09/greek-crisis-reform-plan-grexit-tsipras-draghi-live
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| Version 27 | Version 28 |
|---|---|
| Greek crisis: Government submits reform plan in bid for new aid deal - as it happened | Greek crisis: Government submits reform plan in bid for new aid deal - as it happened |
| (30 days later) | |
| 12.15am BST | 12.15am BST |
| 00:15 | 00:15 |
| Summary: Greece compromises, at the last moment | Summary: Greece compromises, at the last moment |
| So to recap, Greece has put forward a plan of reforms, spending cuts and tax rises that is close to what was demanded by its creditors before Alexis Tsipras called last Sunday’s referendum. | So to recap, Greece has put forward a plan of reforms, spending cuts and tax rises that is close to what was demanded by its creditors before Alexis Tsipras called last Sunday’s referendum. |
| The plan includes sweeping chnages to VAT to raise a full 1 percent of GDP, moving more items to the 23% top rate of tax, including restaurants - a key battleground before. | The plan includes sweeping chnages to VAT to raise a full 1 percent of GDP, moving more items to the 23% top rate of tax, including restaurants - a key battleground before. |
| Greece has also dropped its opposition to abolishing the lower VAT rate on its islands, starting with the most popular tourist attractions, despite firm opposition from Tsipras’s coalition partner. | Greece has also dropped its opposition to abolishing the lower VAT rate on its islands, starting with the most popular tourist attractions, despite firm opposition from Tsipras’s coalition partner. |
| Athens also appears to have made significant concessions on pensions, agreeing to phase out solidarity payments for the poorest pensioners by December 2019, a year earlier than planned. It would also raise the retirement age to 67 by 2022. | Athens also appears to have made significant concessions on pensions, agreeing to phase out solidarity payments for the poorest pensioners by December 2019, a year earlier than planned. It would also raise the retirement age to 67 by 2022. |
| And it has agreed to only raise corporation tax to 28%, as the IMF wanted, not 29% as previously targeted. | And it has agreed to only raise corporation tax to 28%, as the IMF wanted, not 29% as previously targeted. |
| Greece is also proposing to cut military spending by €100m in 2015 and by €200m in 2016, and implement changes to reform and improve tax collection and fight tax evasion. It will also press on with privatisation of state assets including regional airports and ports; some government MPs had vowed to reverse this. | Greece is also proposing to cut military spending by €100m in 2015 and by €200m in 2016, and implement changes to reform and improve tax collection and fight tax evasion. It will also press on with privatisation of state assets including regional airports and ports; some government MPs had vowed to reverse this. |
| In return, Greece appears to be seeking a three-year loan deal worth €53.5bn. | In return, Greece appears to be seeking a three-year loan deal worth €53.5bn. |
| Two obvious questions -- will this still be enough for creditors, or will they push for even tougher “conditionality” now we’re talking about a new bailout programme. And how will Alexis Tsipras persuade his party, including the hardline Radical Left, to support it? | Two obvious questions -- will this still be enough for creditors, or will they push for even tougher “conditionality” now we’re talking about a new bailout programme. And how will Alexis Tsipras persuade his party, including the hardline Radical Left, to support it? |
| We may find out both questions on Friday, so tune in then. Goodnight! GW | We may find out both questions on Friday, so tune in then. Goodnight! GW |
| Updated | Updated |
| at 12.18am BST | at 12.18am BST |
| 11.44pm BST | 11.44pm BST |
| 23:44 | 23:44 |
| The Greek proposal doesn’t appear to cover debt relief. But apparently, Athens has also released one of its ‘non-papers’ to the media, explaining that they are also seeking “regulation’ of debt” and the €35bn investment package promised by Jean-Claude Juncker. | The Greek proposal doesn’t appear to cover debt relief. But apparently, Athens has also released one of its ‘non-papers’ to the media, explaining that they are also seeking “regulation’ of debt” and the €35bn investment package promised by Jean-Claude Juncker. |
| @SpiegelPeter Gov nonpaper accompanying prior actions sez request to ESM incl ‘regulation’ of debt + €35-bn ‘frontloaded investment package' | @SpiegelPeter Gov nonpaper accompanying prior actions sez request to ESM incl ‘regulation’ of debt + €35-bn ‘frontloaded investment package' |
| 11.09pm BST | 11.09pm BST |
| 23:09 | 23:09 |
| This - http://t.co/GKzYq0g4Zk - looks v similar to the 26th June draft plan. The one voted down in the referendum. | This - http://t.co/GKzYq0g4Zk - looks v similar to the 26th June draft plan. The one voted down in the referendum. |
| Basically: Syriza get presented with 26th June plan, call referendum, win referendum, Creditors hit back with "deal or Grexit", Greeks fold. | Basically: Syriza get presented with 26th June plan, call referendum, win referendum, Creditors hit back with "deal or Grexit", Greeks fold. |
| 11.08pm BST | 11.08pm BST |
| 23:08 | 23:08 |
| Read Greece's bailout request here | Read Greece's bailout request here |
| A round of applause for Greek newspaper Naftemporiki, who has uploaded the full proposal: | A round of applause for Greek newspaper Naftemporiki, who has uploaded the full proposal: |
| The Greek reform proposals | The Greek reform proposals |
| 11.05pm BST | 11.05pm BST |
| 23:05 | 23:05 |
| It does appear that Greece has, errr, compromised rather substantially: | It does appear that Greece has, errr, compromised rather substantially: |
| New #Greece proposal appears to meet creditor demands for phasing out pension system's "solidarity grant" by 2019 | New #Greece proposal appears to meet creditor demands for phasing out pension system's "solidarity grant" by 2019 |
| With a quick read, new #Greece proposal appears to move closer to creditors on VAT & pension reforms. But was pre-June 30 creditor position | With a quick read, new #Greece proposal appears to move closer to creditors on VAT & pension reforms. But was pre-June 30 creditor position |
| 11.03pm BST | 11.03pm BST |
| 23:03 | 23:03 |
| Greek proposals leak! | Greek proposals leak! |
| Hot out of Brussels, the Greek proposal is starting to leak. | Hot out of Brussels, the Greek proposal is starting to leak. |
| And it shows that Greece is promising to hit the surplus targets demanded by its creditors, after months of resistance | And it shows that Greece is promising to hit the surplus targets demanded by its creditors, after months of resistance |
| Got copy of new #Greece proposal. Maintains primary surpluses at 1%, 2%, 3% & 3.5%, though 1st 3 years in parentheses | Got copy of new #Greece proposal. Maintains primary surpluses at 1%, 2%, 3% & 3.5%, though 1st 3 years in parentheses |
| And here’s how they’ll do it: | And here’s how they’ll do it: |
| BREAKING: Greece offers sweeping sales tax hikes, pension cuts in new proposals to creditors. | BREAKING: Greece offers sweeping sales tax hikes, pension cuts in new proposals to creditors. |
| * Greek reforms proposal to raise corporate tax in 2015 - RTRS | * Greek reforms proposal to raise corporate tax in 2015 - RTRS |
| * Greek reforms proposal to increase tax on shipping companies - RTRS | * Greek reforms proposal to increase tax on shipping companies - RTRS |
| * Greek reforms proposal to increase luxury tax and implement tax on TV adverts immediately - RTRS | * Greek reforms proposal to increase luxury tax and implement tax on TV adverts immediately - RTRS |
| * Greek reforms proposal ekas benefit to be gradually phased out for all pensioners by end December 2019 - RTRS | * Greek reforms proposal ekas benefit to be gradually phased out for all pensioners by end December 2019 - RTRS |
| Updated | Updated |
| at 11.03pm BST | at 11.03pm BST |
| 10.28pm BST | 10.28pm BST |
| 22:28 | 22:28 |
| And finally (probably), the first reactions are already coming in from outraged leftists following news of the new measures, says Helena. | And finally (probably), the first reactions are already coming in from outraged leftists following news of the new measures, says Helena. |
| The communist party has called on supporters to attend a mass rally in Omonia Square at 7pm (5pm BST) on Friday to protest “the barbaric memorandum.” | The communist party has called on supporters to attend a mass rally in Omonia Square at 7pm (5pm BST) on Friday to protest “the barbaric memorandum.” |
| “Fight now to cancel the plans to pauperise the people,” it declared in a statement released in the last five minutes. | “Fight now to cancel the plans to pauperise the people,” it declared in a statement released in the last five minutes. |
| “Let’s say NO to the barbaric memorandum.” | “Let’s say NO to the barbaric memorandum.” |
| Time to dig out the OXI signs again? | Time to dig out the OXI signs again? |
| Updated | Updated |
| at 10.31pm BST | at 10.31pm BST |
| 10.09pm BST | 10.09pm BST |
| 22:09 | 22:09 |
| Panic over! A signed copy of the Greek proposal has landed in Brussels. | Panic over! A signed copy of the Greek proposal has landed in Brussels. |
| Now received. Signed. Three institutions will now assess. #withJuncker | Now received. Signed. Three institutions will now assess. #withJuncker |
| 10.00pm BST | 10.00pm BST |
| 22:00 | 22:00 |
| Helena Smith | Helena Smith |
| So what happens now? Over to Athens..... | So what happens now? Over to Athens..... |
| Our correspondent Helena Smith has confirmed that the proposed reforms have indeed been sent to the country’s creditors - and three hours AHEAD of the midnight deadline central European time. | Our correspondent Helena Smith has confirmed that the proposed reforms have indeed been sent to the country’s creditors - and three hours AHEAD of the midnight deadline central European time. |
| Government insiders are saying the proposals were sent at 1OPM Greek time (9 PM central European time) to all three creditors and the president of the Euro Group of euro area finance ministers Jeroen Dijsselbloem. | Government insiders are saying the proposals were sent at 1OPM Greek time (9 PM central European time) to all three creditors and the president of the Euro Group of euro area finance ministers Jeroen Dijsselbloem. |
| The Dutch finance minister must sign off on the reforms before they are submitted for further discussion to EU leaders. | The Dutch finance minister must sign off on the reforms before they are submitted for further discussion to EU leaders. |
| The proposed package - a biting mix of tax hikes and swingeing cutbacks - was tabled in parliament as an emergency bill on Thursday. It will, say officials, be put to vote on Friday evening in order to invest the Greek prime minister, his deputy Yannis Dragasakis and finance minister Euclid Tsakalotos with the appropriate authority to conduct talks around the proposed reforms. | The proposed package - a biting mix of tax hikes and swingeing cutbacks - was tabled in parliament as an emergency bill on Thursday. It will, say officials, be put to vote on Friday evening in order to invest the Greek prime minister, his deputy Yannis Dragasakis and finance minister Euclid Tsakalotos with the appropriate authority to conduct talks around the proposed reforms. |
| Until a cast-iron agreement is reached, the vote will not be binding - rather is is aimed exclusively at furnishing the central protagonists in Greece’s negotiating team with the authority to debate with creditors around the proposed reforms. | Until a cast-iron agreement is reached, the vote will not be binding - rather is is aimed exclusively at furnishing the central protagonists in Greece’s negotiating team with the authority to debate with creditors around the proposed reforms. |
| Once negotiations are completed it will become law. | Once negotiations are completed it will become law. |
| After several drama-filled days, replete with apocalyptic scenarios, a ray of hope was seen tonight. The vast majority in Tsipras’ radical left Syriza party accept that chaos lies the other way. | After several drama-filled days, replete with apocalyptic scenarios, a ray of hope was seen tonight. The vast majority in Tsipras’ radical left Syriza party accept that chaos lies the other way. |
| But the devil will be in the detail. Panagiotis Lafazanis, who heads Syriza’s militant wing, the Left Platform, has already expressed his wholehearted opposition to the proposed plan saying it fails to give any hope of a breakthrough to the Greek economic crisis. The Left Platform represents about a third of the party. | But the devil will be in the detail. Panagiotis Lafazanis, who heads Syriza’s militant wing, the Left Platform, has already expressed his wholehearted opposition to the proposed plan saying it fails to give any hope of a breakthrough to the Greek economic crisis. The Left Platform represents about a third of the party. |
| Zoe Konstantopoulou, the president of the parliament and a member of Syriza’s hard left herself, has publicly announced that no new memorandum outlining further austerity will be passed by the 300 seat House. | Zoe Konstantopoulou, the president of the parliament and a member of Syriza’s hard left herself, has publicly announced that no new memorandum outlining further austerity will be passed by the 300 seat House. |
| Although, Konstantopoulou has just spent 3.5 hours with Tsipras.... and has left his office refusing to make any comment! | Although, Konstantopoulou has just spent 3.5 hours with Tsipras.... and has left his office refusing to make any comment! |
| Updated | Updated |
| at 10.10pm BST | at 10.10pm BST |
| 9.40pm BST | 9.40pm BST |
| 21:40 | 21:40 |
| Ah, there may be a hitch... | Ah, there may be a hitch... |
| Signed letters are needed. | Signed letters are needed. |
| 9.30pm BST | 9.30pm BST |
| 21:30 | 21:30 |
| Eurogroup president Dijsselbloem’s spokesman has confirmed that the Greek bailout plan has arrived! | Eurogroup president Dijsselbloem’s spokesman has confirmed that the Greek bailout plan has arrived! |
| New Greek proposals received by #Eurogroup president @J_Dijsselbloem, important for institutions to consider these in their assessment | New Greek proposals received by #Eurogroup president @J_Dijsselbloem, important for institutions to consider these in their assessment |