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31 Mar 2015
Negotiations on proposed Greek reforms in progress - ANZ
FXStreet (Bali) - Negotiations on the proposed reforms by Greece remain in progress, but still nothing conclusive, notes ANZ.
Key Quotes
"Late last week, Greece submitted the third iteration of the list of proposed reforms demanded by euro area finance ministers as a precondition for the payment of the outstanding tranche of EUR7.2bn from Greece’s second bailout."
"Negotiations on the proposed reforms remain in progress, but as noted by EC spokesperson Margaritis Schinas, “constructive talks are ongoing since Friday as part of the Brussels group but we’re not there yet”.
The proposed measures make some inroads into plugging some of the revenue gaps, with a net increase of EUR3.7bn in receipts this year, via the intensification of audits on lists of bank transfers and offshore entities, and via closing some of the loopholes on sales tax fraud and clamping down on illegal trade in oil, tobacco and alcohol."
"Growth of 1.4% and 2.9% is forecast for this year and next, which leaves only a narrow primary surplus of 1.2% in 2015 and 1.5% in 2016, with data for 2015 showing deterioration in the overall and primary budget positions."
"All this when deposits are continuing to flow out of Greek banks, making them even more dependent on emergency funding sanctioned by the ECB."
Key Quotes
"Late last week, Greece submitted the third iteration of the list of proposed reforms demanded by euro area finance ministers as a precondition for the payment of the outstanding tranche of EUR7.2bn from Greece’s second bailout."
"Negotiations on the proposed reforms remain in progress, but as noted by EC spokesperson Margaritis Schinas, “constructive talks are ongoing since Friday as part of the Brussels group but we’re not there yet”.
The proposed measures make some inroads into plugging some of the revenue gaps, with a net increase of EUR3.7bn in receipts this year, via the intensification of audits on lists of bank transfers and offshore entities, and via closing some of the loopholes on sales tax fraud and clamping down on illegal trade in oil, tobacco and alcohol."
"Growth of 1.4% and 2.9% is forecast for this year and next, which leaves only a narrow primary surplus of 1.2% in 2015 and 1.5% in 2016, with data for 2015 showing deterioration in the overall and primary budget positions."
"All this when deposits are continuing to flow out of Greek banks, making them even more dependent on emergency funding sanctioned by the ECB."