ATHENS: The Greece Government sent a new list of austerity proposal to its international creditors for unlocking €7.2 billion fund. The content of Syriza’s proposals has not yet been publicized, but the conservative daily newspaper Kathemerini has reported that they include some €3 billion in “much-needed revenue.” Other measures include pro-business “reforms to improve Greece’s investment climate,” as well as “privatizations, such as regional airports.”
Government proposal have to be agreed by the “Brussels Group”, consisting of the Eurogroup, European Central Bank (ECB) and International Monetary Fund (IMF), before any of the outstanding €7.2 billion in loans can be made available to the Greece.
The government’s position on the possible lifting of VAT exemption is unclear, and it is also not known whether or not there will be an extension of the hated property tax. It is by no means certain that these measures will be enough to convince the creditors, especially as Syriza claimed for days beforehand that the list will not include “recessionary” measures such as cuts to salaries and pensions.
Greece will be unable to make it past April 20 without access to external funding. Such a scenario would quickly trigger a default on a total debt of €320 billion.
