Greek government offers sweeping proposal in exchange for $59 billion bailout



Greece finally met a deadline that counted on Thursday and made a series of sweeping proposals that its creditors needed by midnight to set off a mad rush toward a weekend deal to stave off a financial collapse of the nation.

In the text of proposals sent by Athens late Thursday, the government conceded to demands it had previously refused to accept — mostly on moving various categories of goods and services to higher sales tax rates — in exchange for a new 53.5 billion-euro ($59 billion) bailout package.

According to a two-page letter that was attached to a copy of the proposal obtained by the Financial Times, Greece’s new finance minister Euclid Tsakalotos said the proposals were intended, “as a first element in a trust-building exercise with our partners.” Read more…

More about European Union, Bailout, Debt, Greece, and Us World

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