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Greece IW-Nachricht 10. Juli 2015

Finally a compromise?

Yesterday night the Greek reform proposals reached the creditors. Surprisingly, the new reform agenda goes beyond the propositions starkly rejected in a public referendum last week. In return, Tsipras demands a three year financial assistance program. If an agreement is struck Greece must make good use of the three years to actually implement structural changes.

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A compromise between Greece and the three creditor institutions suddenly appears to be within reach. Only yesterday the new reform agenda was developed under the supervision of French negotiators.

However, the Greek parliament has to back up president Tsipras giving him the authority to strike a deal for a new bail-out program. For the Greek propositions are extensive and comply with most creditors’ demands that were strongly opposed during the last weeks: The controversial Greek primary surplus target was accepted. Raising value added tax, shutting-off tax loopholes on islands and increasing luxury tax are supposed to generate extra-revenues; disincentivizing early retirements, privatizing infrastructure and state owned companies as well as reducing its military budget, on the other hand, are the key saving measures.

The requested three year 53 billion Euro bail-out program would reduce investors’ sky-rocketing uncertainty. Fortunately, this time burdens placed on companies are raised not disproportionately. Finally, fostering international competitiveness can only work out if private business comes back to life.

After Tsipras gambled away his counterparts’ trust in a viable solution, now he has to grasp his last opportunity. Why reforming the public sector and fighting corruption has not yet started constitutes a Greek secret. What is more, it remains a mystery for what reason the Greek government opposes reform propositions for month and finally, proposed these very reform word by word.

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