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Greece debt crisis: Did Greece just submit the same proposals 61% of Greeks voted against? Greece debt crisis: Did Greece just submit the same proposals 61% of Greeks voted against?
(about 1 hour later)
The deadlock has been broken on the Greece crisis after the Greek government submitted a detailed set of proposals for reform its European lenders. The deadlock has been broken in the Greek crisis after the Greek government submitted a detailed set of proposals for reform.
But it didn’t take long for those reading the new proposals to notice that they were strikingly similar to the ones the lenders had proposed - the same ones that 61per cent of the Greek people rejected in the referendum last Sunday. But it didn’t take long for those reading the new proposals to notice that they were strikingly similar to the ones Greece's European lenders had proposed - the same ones that 61 per cent of the Greek people rejected in the referendum last Sunday.
German lawmakers confused as to why Tsipras is now submitting a proposal he once slammed. http://t.co/bOKgGEjZdk pic.twitter.com/LAQ22Zr8uUGerman lawmakers confused as to why Tsipras is now submitting a proposal he once slammed. http://t.co/bOKgGEjZdk pic.twitter.com/LAQ22Zr8uU
How similar?How similar?
• Scrapping discounted rates of VAT for Greek islands, designed to offset the higher cost of living there• Scrapping discounted rates of VAT for Greek islands, designed to offset the higher cost of living there
• Increasing income tax from 11 per cent to 15 per cent• Increasing income tax from 11 per cent to 15 per cent
• Increasing the retirement age to 67• Increasing the retirement age to 67
• Increasing corporation tax to 28 per cent• Increasing corporation tax to 28 per cent
See the full Greek proposals here.See the full Greek proposals here.
• Greece scrap discounts on the islands and apply a standard 23 per cent VAT• Greece scrap discounts on the islands and apply a standard 23 per cent VAT
• Introduce reforms on income tax• Introduce reforms on income tax
• Increase the retirement age to 67 years• Increase the retirement age to 67 years
• Increase corporate tax to 28 per cent• Increase corporate tax to 28 per cent
See the full EU proposals here.See the full EU proposals here.
  
  
That’s a pretty significant u-turn on the part of Tsipras.That’s a pretty significant u-turn on the part of Tsipras.
Along with the document, both the Greek finance minister Euclid Tsakalotos and the Greek prime minister Alexis Tsipras submitted letter reiterating Greece’s commitment to staying in the Eurozone.Along with the document, both the Greek finance minister Euclid Tsakalotos and the Greek prime minister Alexis Tsipras submitted letter reiterating Greece’s commitment to staying in the Eurozone.
Alexis Tsipras's letter to the Eurogroup on Thursday Up to this point the Greek government had repeatedly walked away from negotiations, even going so far as to call a referendum on Sunday.Alexis Tsipras's letter to the Eurogroup on Thursday Up to this point the Greek government had repeatedly walked away from negotiations, even going so far as to call a referendum on Sunday.
A letter from Euclid Tsakalotos, the finance minister who replaced Yanis Varoufakis, to the president of the Eurogroup, reassuring him that Greece is fully committed to staying in the euro  A letter from Euclid Tsakalotos, the finance minister who replaced Yanis Varoufakis, to the president of the Eurogroup, reassuring him that Greece is fully committed to staying in the euro  
Sony Kapoor, managing director of the economics and finance think tank Re-Define, says the Greek government is doing everything it can to try and repair its relationship with the eurozone.Sony Kapoor, managing director of the economics and finance think tank Re-Define, says the Greek government is doing everything it can to try and repair its relationship with the eurozone.
"In an environment of close to zero trust, Greece has to demonstrate that it will take measures it has previously opposed. The resignation of [Yanis Varoufakis, Greek finance minister] was a clear signal to the lenders that Greece wanted to co-operate," he said."In an environment of close to zero trust, Greece has to demonstrate that it will take measures it has previously opposed. The resignation of [Yanis Varoufakis, Greek finance minister] was a clear signal to the lenders that Greece wanted to co-operate," he said.
Even if these reforms get rubber stamped in the European Parliament this weekend, Tsipras is going to have a huge job on his hands to implement them.Even if these reforms get rubber stamped in the European Parliament this weekend, Tsipras is going to have a huge job on his hands to implement them.