Tsipras submits reform proposals to be reviewed by creditors ahead of EU Summit

Posted On 10 Jul 2015

The euro was boosted on hopes of a Greek deal after Greece submitted proposals for reforms before the deadline at midnight on Thursday. The proposals include tax and pension reforms which the creditors will review ahead of the EU Summit of all 28-member countries in Brussels on Sunday. The new Greek proposals by Greek Prime Minister Alexis Tsipras for economic policy overhauls and budget cuts appear to have moved closer to creditors’ demands.

EUR/USD jumped to a high of 1.1133 early on Friday after opening at 1.1035. Other euro crosses were supported as well. EURJPY rallied to 135.76.

Eurozone finance ministers are set to assess the proposals during a Eurogroup meeting scheduled for Saturday and then there will be a European leaders Summit on Sunday. But first on Friday, the Greek parliament will vote on the proposals.

According to Greek media reports, the proposal include:

-tax rise on shipping companies and scrapping tax discounts for islands
-unifying VAT rates at standard 23%, including restaurants and catering
-phasing out solidarity grant for pensioners by 2019
-€300m ($332m; £216m) defence spending cuts by 2016

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