Greece offers sales tax hikes, pension cuts
Source: AP
Greece's government has agreed to longstanding demands by creditors to impose sweeping sales tax hikes and cuts in state spending for pensions.
In the text of proposals sent by Athens, and seen by The Associated Press, the government concedes to demands it had previously resisted, mostly on moving various categories of goods and services to higher sales tax rates.
The proposals were sent in a last-ditch effort to reach a deal with rescue lenders after the country's previous program expired and missed repayments to the International Monetary Fund, and Greece was forced to close banks to prevent their collapse under the weight of mass withdrawals.
Read more: http://bigstory.ap.org/article/0743c14d12d34ea38d1043b5dbcdfba5/latest-eu-economics-chief-says-greece-deal-possible
Link to PDF http://www.hellenicparliament.gr/UserFiles/c8827c35-4399-4fbb-8ea6-aebdc768f4f7/9292390.pdf
1:34 a.m.
Greece is seeking 53.5 billion euros ($59 billion) as part of a new bailout package, according to draft legislation submitted to parliament early Friday.
Under the proposal, Athens would receive the loans from the eurozone bailout fund, the European Stability Mechanism, or ESM.
Greece's left-wing government has sent eurozone creditors a proposed new austerity package. The government says Greece's parliament will vote on the proposals late Friday before an emergency summit Sunday by European leaders
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