Greece's proposals arrived in Brussels on Thursday evening. Today, in a climate made incandescent by the depletion of ATM money stocks, the Greek Parliament will have to decide, in practice, whether to avoid default or not, by approving or rejecting the 12 billion Tsipras plan which intends to convince international creditors to avert the bankruptcy of Athens with new loans. Part of Siryza is against the agreement, but the necessary votes could come from the opposition, which was in contact with Brussels yesterday.
Among the proposed measures, the VAT discount on the islands by 2016, a rate increased to 23% for restaurants and catering, and 13% for hotels. Cuts to pensions and the defense budget. Greece, in exchange for the proposed reforms, is asking creditors for 53,5 billion to honor loans until June 2018 and is also asking to review the primary objective of a surplus for the next 4 years.
The first signs of willingness to review debt conditions are coming from Germany. An agreement in extremis seems possible: the Eurogroup will be held on Saturday at 15 pm, the Eurosummit and the European Council will be held on Sunday. The path is fraught with difficulties but "the prospects of an agreement - reads a note from JP Morgan - are improving".
