The Greek government has drawn up two documents submitted to European Commissioner Pierre Moscovici.
Greek counter-proposals submitted
One covers fiscal issues while the second debt sustainability. The content of the Greek proposals remain unknown, but sources close to the government say that the list of economy reforms includes:
[1] Provisions for primary surplus of 0.8% for 2015 and 1.5% for 2016
[2] European Central Bank (ECB) bonds transferred to the European Stability Mechanism (ESM)
[3] Allocation of 11 billion euros to the Financial Stability Fund
[4] Raising the T-bill limit
[5] Change in VAT rates
BLOOMBERG: GREEK PLAN IS A “VAGUE REHASH”
Bloomberg is reporting that an unnamed EU official has already claimed Greece's much promised list of economic reforms doesn’t go far enough. Their Athens bureau chief, Nikos Chrysoloras, reports:
“The Greek proposals consist of two three-page documents, one international official familiar with the matter said.”
“They include a Greek request for funds from the European Stability Mechanism to repay about 6.7 billion euros of bonds held by the European Central Bank that come due in July and August.”
“The revised Greek plan is a vague rehash of earlier proposals and is still not considered credible, the international official said.”
THE GREEK NON-PAPER
The Greek government confirmed that it has indeed delivered an updated version of its proposals, to its EU-IMF creditors in response to the EU plan.
“The Greek government after the expression of opposition to the proposal [made by] the institutions by all the Greek parties is continuing negotiations on a political level on the basis of the proposal that it has given them.
“Two complimentary texts of proposals were handed over to the commissioner Pierre Moscovici, with the aim of closing the fiscal gap with alternative proposals and coming up with a possible plan of sustainability for the Greek debt.”
“The Greek government will continue this exchange of views with the institutions on a political level and awaits with interest their formal response.”
EC: GREEK PROPOSALS ARE BEING ASSESSED WITH “DILIGENCE AND CARE”
European Commission spokesman Margaritis Schinas confirmed that Greece has submitted new proposals. They are now being circulated among the European institutions, he says, and being assessed “with diligence and care.”
TSIPRAS TO MEET MERKEL AND HOLLANDE
Greek Prime Minister Tsipras is due to meet German Chancellor Angela Merkel and French President Francois Hollande on Wednesday in another attempt to “close the gap” with Greece's creditors.
Tsipras will attend the meting of his party's Political Secretariat on Tuesday afternoon.