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Greeks reveal bailout proposals

  • 24/02/2015
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Greeks reveal bailout proposals
Greece has submitted a range of reforms to its European creditors in an attempt to extend its bailout programme.

The reforms were demanded by eurozone leaders last week in exchange for a loan extension. The Greeks released them before formally submitting them to Brussels in an attempt to prevent leaks.

The country’s creditors include the European Central Bank, the European Commission and the International Monetary Fund.

They will have to agree with the reforms for Greece to secure the four-month bailout extension discussed last week. The programme would have otherwise ended on Saturday. 

Proposals outlined late yesterday include measures that were expected by observers after days of private discussion between Brussels and Athens, according to The Guardian.

These include cutting the civil service and promising to combat corruption. The Greeks have also vowed to address tax evasion and to target fuel and tobacco smugglers.

A series of measures are designed to address what the government are calling Greece’s “humanitarian crisis”, in an attempt by Syriza to meet its election promise to curb the austerity faced by the country in recent years.

These include providing fuel to pensioners, housing, medical care and a meal service for the poor.

Many Syriza politicians have criticised prime minister Alexis Tsipras for agreeing to the extension at all.

Creditors are expected to deliver their response later today, before conducting a conference call with eurozone finance ministers, according to the BBC.

Greek national debt currently stands at 175% of GDP with the country’s economy shrinking 25% since the start of the eurozone crisis.

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