ATHENS: Greece’s reform proposal has so far failed to satisfy creditors. Greece has submitted a list of proposals to euro zone officials in a bid to unlock €3.7bn to help keep the country afloat. But the list needs further work, according to EU sources, with officials from the IMF, European Commission and ECB set to thrash out further details in the coming days.
“Constructive talks are ongoing since Friday but we’re not there yet,” a commission spokesman said yesterday, adding that the proposals “required a lot of technical work”.
Among the proposals are plans to raise around €3.7 billion in additional revenues by auditing bank account transfers, a clampdown on illegal smuggling and the collection of tax arrears. Greece also plans to establish a bad bank and raise around €1.5 billion through asset sales, less than the €2.2 billion originally envisaged.
As credit default swaps rose, indicating rising investor misgivings about Greece’s ability to repay its debts, prime minister Alexis Tsipras told the Greek parliament last night that the country was seeking an “honorable compromise” and would not “capitulate”.The leader of the center-right New Democracy also urged the government to meet the €450 million payment due to the IMF on April 9th, warning that failure to do so would be “extremely serious”.
