Greece offers new proposals to creditors to unlock bailout funds
- 9 years ago
Greece has handed its creditors new proposals in the hope that they’ll agree to unlock funds to avoid bankruptcy.
In a further attempt to compromise with lenders, Athens has agreed to increase the rate of VAT and proposed higher budget surplus targets.
Greek Finance Minister Yanis Varoufakis said:
“It is time to stop pointing fingers at one another and it is time that we do our job to bring to fruition efforts of many months to come to an agreement. Thank you.”
At the start of June, 2015, Greece became the first country to defer a payment to the IMF since the 1980s.
It is set to bundle all of the month’s payments into one lump sum of 1.7 billion euros by June 30.
This is the same day it must reach an agreement to unlock new funds from its European creditors, or face financial oblivion.
In a further attempt to compromise with lenders, Athens has agreed to increase the rate of VAT and proposed higher budget surplus targets.
Greek Finance Minister Yanis Varoufakis said:
“It is time to stop pointing fingers at one another and it is time that we do our job to bring to fruition efforts of many months to come to an agreement. Thank you.”
At the start of June, 2015, Greece became the first country to defer a payment to the IMF since the 1980s.
It is set to bundle all of the month’s payments into one lump sum of 1.7 billion euros by June 30.
This is the same day it must reach an agreement to unlock new funds from its European creditors, or face financial oblivion.