Letter to creditors sent by FinMin deemed too generic;

Tuesday, January 24th, 2017
Last Update: 14:33

Finance Minister Euclid Tsakalotos on Monday reassured Greece’s creditors that he will attend Thursday’s Eurogroup meeting with “specific” positions on all pending issues though the most Athens can hope for is a decision to reboot stalled bailout negotiations.The letter sent to creditors by the Greek Finance Minister is somewhat generic providing only a basic overview of the government’s proposals with respect to the enhanced contingency measures’ mechanism.

Greece will propose the extension of the automatic spending cut mechanism beyond 2018e (for 1 or 2 years), with the so-called cutter containing measures such as cuts in the tax free threshold and existing primary pensions as well as increases in VAT rates.

The EC spokesman Mr. Schinas did not confirm yesterday that the EC has received Mr. Tsakalotos’ letter, saying that such issues are discussed within the context of the negotiations and among the Eurogroup members, reiterating the EC’s view that it is working hard with the Greek authorities and the other partners to achieve the best possible progress ahead of the Eurogroup meeting, aiming to have the 2nd review concluded as soon as possible.

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