{"id":9405,"date":"2015-06-24T07:55:03","date_gmt":"2015-06-24T12:55:03","guid":{"rendered":"http:\/\/olduvai.ca\/?p=9405"},"modified":"2015-06-24T07:55:03","modified_gmt":"2015-06-24T12:55:03","slug":"greece-rejects-totally-unaccepetable-imf-counterproposal-demanding-pension-cuts-vat-hike","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=9405","title":{"rendered":"Greece Rejects “Totally Unaccepetable” IMF Counterproposal Demanding Pension Cuts, VAT Hike"},"content":{"rendered":"

Greece Rejects “Totally Unaccepetable” IMF Counterproposal Demanding Pension Cuts, VAT Hike<\/a><\/h3>\n

As reported earlier and as tipped here on Monday, markets will have to call off the party for now because the focus of the Greek debt deal negotiations has now shifted back to Brussels after all eyes had turned briefly to Athens on Tuesday following reports which indicated a deal in principle had been struck. Here\u2019s what\u00a0we said<\/a>\u00a0less than 24 hours ago:<\/p>\n

\n
The IMF demands no tax hikes and pension cuts. Instead it will get almost exclusively tax hikes, amounting to 92% of the proposed measures, and just a few cuts, few of which actually impact Greek pensions. In short: the proposal is not only unsustainable, it is also unenforceable, something which the Germans – already facing a third Greek bailout – will be quick to point out.<\/em><\/strong><\/div>\n

Which is why tomorrow, after Tsipras is finished with the meeting with the Troika, he will have a new homework assignment: revise the “final final” proposal and come up with much less in tax hikes, much more in spending cuts: something which the already furious hard-line elements within Syriza will have a field day with.<\/em><\/p><\/blockquote>\n

And that is precisely what happened. As WSJ reports, creditors\u00a0have decided<\/a>\u00a0to stick to their \u201cred lines\u201d after all:<\/p>\n

\n
Significant divisions remain between Greece and its international creditors over measures Athens must implement before receiving desperately needed bailout aid, according to a document seen by The Wall Street Journal on Wednesday ahead of a crucial meeting of eurozone finance ministers.<\/em><\/div>\n

Key points of disagreement are corporate taxation, the overhaul of Greece\u2019s pension system and value-added taxes, according to the document. For instance, Greece had planned to increase corporate taxes to 29%, but in the document creditors limited increase to 28%. That may cause new budget shortfalls that need to be plugged with other measures.<\/em><\/p><\/blockquote>\n

…click on the above link to read the rest of the article…<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Greece Rejects “Totally Unaccepetable” IMF Counterproposal Demanding Pension Cuts, VAT Hike As reported earlier and as tipped here on Monday, markets will have to call off the party for now because the focus of the Greek debt deal negotiations has now shifted back to Brussels after all eyes had turned briefly to Athens on Tuesday […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[2086,3325,195,200,282,285,1167,4549,434,4696,683,861,4318],"class_list":["post-9405","post","type-post","status-publish","format-standard","hentry","category-economics","tag-bank-run","tag-creditors","tag-debt","tag-default","tag-european-central-bank","tag-eurozone","tag-greece","tag-gross-domestic-product","tag-international-monetary-fund","tag-portugal","tag-reuters","tag-wall-street-journal","tag-zerohedge"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/9405","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=9405"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/9405\/revisions"}],"predecessor-version":[{"id":9406,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/9405\/revisions\/9406"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9405"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9405"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9405"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}