Greek gov't to present five-point package in Eurogroup

Gurria (Oecd) expected in Athens today

10 February, 10:06

    Greek Finance Minister Yanis Varoufakis Greek Finance Minister Yanis Varoufakis

    (ANSAmed) - ATHENS, FEBRUARY 10 - The Greek government will bring a five-point package during Wednesday's extraordinary Eurogroup meeting, sources at the finance ministry said on Monday. They said the aim was to reach an agreement by the following Eurogroup meeting on February 16 and to give the government the necessary time by the end of August to draft a new contract, which will replace the memorandum. The sources said the Greek proposal envisages: 1) a bridge agreement until the end of August and from September 1st to have a final contract between Greece and its partners; 2) a 30% of “toxic” commitments of the memorandum, such as a dismantling of the labour market, will be replaced by 10 reforms to be recommended by the Greek government in cooperation with the OECD. These reforms will not include a reform of the pension system. 3) Changing targets for primary surpluses, starting this year. The government believes that a target for a budget primary surplus of 3% of GDP in 2015 was not realistic and must be reduced to 1.5% of GDP, given the fact that the primary surplus for 2014 was 1.49% of GDP. 4) begin a negotiation on the country's public debt through a swap menu; 5) immediately dealing with a humanitarian crisis in the country. The government insists on the immediate disbursement of 1.9 billion euros in profits from Greek bond holdings owned by the European Central Bank, raising a ceiling on the issuance of Treasury bills by 8 billion euros and a flexible ELA. It also demands the exploitation of the Hellenic Financial Stability Fund's 11 billion euros reserves, resolving a problem with non-performing loans and covering the country's funding needs through the disbursement of an installment of 7.2 billion euros from its creditors. Meanwhile, Oecd general secretary Angel Gurria is expected in Athens today, where he will meet with Finance minister Yanis Varoufakis and prime minister Alexis Tsipras. (ANSAmed).

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