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The Minister of Finances Yanis Varoufakis announced that he will submit six reform proposals at the Eurogroup on Monday, which will address the humanitarian crisis, taxation and public administration, among others.

According to high-ranking government sources, the six reforms which Mr. Varoufakis intends to submit in Brussels are:

1-2 Humanitarian crisis – Administrative Reform: The government sources claim that this will be an effort to combat the “poverty triptych” of food, housing and energy sufficiency, which will be combined with the necessary administrative reform.

3. Addressing outstanding debts towards the state and insurance funds: The goal is to get millions of debtors to begin paying taxes and to create a “tax awareness”. The debts will not be slashed and the bill will aim to reward consistent taxpayers.

To read more, please visit tovima.gr/en

Greece is expected to get the green light early next week for what could add up to over a billion euros of funding support and investments from the European Bank for Reconstruction and Development, according to sources at the bank.

The former Greek government put in a request late last year to become an EBRD 'country of operation' and make it eligible for the development bank's support, but the process was put on hold during the uncertainty of the country's recent elections.

However this week's four-month Greek aid extension by the euro zone has put it back on track and EBRD sources said the bank's shareholders -- 64 countries plus the European Union and European Investment Bank -- were voting on the proposal on Friday.

To read more, please visit thetoc.gr/eng

 

European officials have expressed concern that the Greek government has not consulted with its partners over its plans to bring new legislation to Parliament this week but the greatest focus appears to be on how Athens will cover its immediate funding needs.

“We have not discussed anything with the Greek side,” a European official told Sunday's Kathimerini after Prime Minister Alexis Tsipras announced on Friday night that four bills would be tabled in the House this week.

In a televised address to his cabinet, Tsipras said that four draft laws would be unveiled this week in order to tackle the social impact of the crisis, to introduce a new payment scheme for overdue debts to the state, to protect primary residences from foreclosures and to reopen public broadcaster ERT.

At the Eurogroup on February 20, Greece and its lenders agreed that the government would not adopt any measures unilaterally that “would negatively impact fiscal targets, economic recovery or financial stability, as assessed by the institutions.”

It is not clear if Greece’s creditors believe that the bills due to be submitted to Parliament this week fall into this category but sources suggested that there is concern about the lack of of communication between Athens and its partners.

However, the immediate problem that must be overcome is ensuring that the government can meet its funding needs over the next few months, starting with a 1.6-billion-euro payment to the International Monetary Fund in March. On Saturday, Finance Minister Yanis Varoufakis went as far saying that Athens would try to negotiate the summer payment of 6.7 billion euros’ worth of Greek bonds held by the European Central Bank.

“Shouldn’t we negotiate this? We will fight it,” he told Skai TV. “If we had the money we would pay... They know we don’t have it.”

To read more, please visit ekathimerini.com

 

Prime Minister Alexis Tsipras set out on Friday his government’s immediate legislative plans, while at the same time insisting he would continue to pursue debt relief and refuse to sign a third bailout for Greece. “Some have bet on a third bailout, on the possibility of a third bailout in June. I’m very sorry but once again we will disappoint them,” he said in a televised speech to his cabinet.

“Let them forget a third bailout. The Greek people put an end to bailouts with their vote,” added the prime minister, who said his government would continue to press for Greece’s next agreement with its lenders to include debt reduction measures.

However, the bulk of Tsipras’s speech was focused on outlining what legislation his government plans to bring to Parliament next week. The prime minister said that the first bill would introduce measures aimed at tackling the “humanitarian crisis,” including the provision of free electricity to 300,000 households living under the poverty threshold.

“Our first task is to assist a society that has been suffering for the past five years,” said Tsipras.

The second bill relates to the introduction of a new payment plan for overdue taxes and social security contributions. The scheme is set to allow applicants to pay in up to 100 installments and will mean that anyone owing up to 50,000 euros cannot be arrested over their debts.

To read more, please visit ekathimerini.com

Prime Minister Alexis Tsipras is to decide in the next 48 hours whether he will allow Parliament to vote on a four-month extension to Greece’s loan agreement or whether he will bypass the House altogether after signs of dissent within his party.

The government said on Thursday that it will wait for other eurozone parliaments to vote on the deal, a process which should be completed on Friday, before deciding when or if legislation paving the way for the loan extension would be submitted to the Greek Parliament.

Tsipras’s hesitancy comes after a meeting of SYRIZA’s parliamentary group on Wednesday that lasted more than 11 hours. During the debate about Greece’s new agreement with its lenders, a number of MPs expressed disagreement with the deal. At Tsipras’s insistence, a vote was held at the end of the meeting and some 30 of the party’s 149 lawmakers either voted against the agreement or failed to vote for it.

While it is unlikely that there would be such a big rebellion in an actual parliamentary vote, the signs of dissent have been enough to cause concern among Tsipras and his aides, who are even considering the possibility of not bringing the agreement to Parliament and finding another way of ensuring its extension.

To read more, please visit ekathimerini.com

The Athens Stock Exchange has opened with significant gains on Tuesday, with the general price index standing at 920.81 points at 15:07 on Tuesday, up by 7.80%. The banking sector alone is up by 11.52%.

Additionally, transactions are currently valued at 155.18 million euros, while the yield of the ten-year bond has dropped to 8.86%, the three-year bond to 13.30% and the five-year bond to 14.22%.

To read more, please visit tovima.gr/en

The government was on Tuesday morning expected to submit a final version of its reform proposals to the country’s creditors following several hours of discussions with officials in Brussels on Monday aimed at hammering out a set of measures acceptable to both sides. The list of reforms must be approved by Greece’s creditors to seal last Friday’s agreement foreseeing a four-month extension of the country’s loan agreement.

A government official said on Monday that drafts had been exchanged and that the final version would be ready by Tuesday morning, after a Monday night deadline set by creditors.

Eurozone finance ministers are scheduled to discuss the final document during a teleconference on Tuesday afternoon.

According to sources, the Greek proposals include a crackdown on tax evasion and corruption as well as measures to help taxpayers pay their dues and to tackle nonperforming loans. There were indications that the list would also include a reference to privatizations and plans to crack down on fuel smuggling, which costs the Greek state billions of euros every year.

“We have shown a responsible stance vis-a-vis the people and the creditors, we expect the same from Europe,” government spokesman Gavriil Sakellaridis told Skai TV earlier in the day.

The government is keen to get the green light to move ahead with its proposed reforms instead of a raft of austerity measures agreed to by the previous administration – including further pension cuts and an increase to VAT on the islands.

Sources indicated that the list of measures to be submitted by the new Greek government will not contain a cost-benefit analysis, which would help creditors gauge their potential impact on the budget. The letter is rather likely to set out the broad policy proposals and express the government’s commitment to a much-delayed crackdown on tax evasion.

To read more, please visit ekathimerini.com

Friday, 06 March 2015 12:20

Reform Proposals Ready For Creditors

Greece's government prepared reform measures on Sunday to secure a financial lifeline from the euro zone, but was attacked for selling «illusions» to voters after failing to keep a promise to extract the country from its international bailout.

Leftist Prime Minister Alexis Tsipras has insisted Greece achieved a negotiating success when euro zone finance ministers agreed to extend the bailout deal for four months, provided it came up with a list of reforms by Monday.

Greeks reacted with relief that Friday's deal averted a banking crisis which fellow euro zone member Ireland said could have erupted in the coming week. This means Tsipras has stood by one promise at least: to keep the country in the euro zone.

Tsipras maintains he has the nation behind him despite staging a climbdown in Brussels. Under the deal, Greece will still live under the EU/IMF bailout which he had pledged to scrap, and must negotiate a new programme by the early summer.

"I want to say a heartfelt thanks to the majority of Greeks who stood by the Greek government ... That was our most powerful negotiating weapon,» he said on Saturday. "Greece achieved an important negotiating success in Europe."

To read more, please visit ekathimerini.com

Prime Minister Alexis Tsipras spoke with German Chancellor Angela Merkel Thursday evening after a day of tense efforts aimed at securing a compromise between Greece and the eurozone ahead of a Eurogroup summit Friday where Greece’s proposal for extending its loan agreement with creditors is expected to be discussed.

Tsipras and Merkel spoke for just under an hour in a conversation that the Greek premier described on his Twitter account as being “in a positive climate” and showing “interest in finding a mutually beneficial solution for Greece and the eurozone.” Tsipras also spoke with French President Francois Hollande, sources said.

The exchanges followed hours of tensely-worded statements after the Greek government sent its keenly-awaited proposal to Eurogroup President Jeroen Dijsselbloem. The request was for a six-month extension of Greece’s loan agreement but under different conditions, government officials said in the morning. Later in the day, Finance Minister Yanis Varoufakis’s letter to Dijsselbloem was leaked to the media, indicating that the government recognizes the country’s existing bailout program as the legally-binding framework for the next six months though the document did not include the words “memorandum” or “program,” which the leftist-led government rejects. It also remained unclear which of the measures linked to the bailout program the government would commit to enforcing.

To read more, please visit ekathimerini.com

Wednesday, 04 March 2015 15:37

TBG At The Clumsies

A tasting of top Greek wines and a unique personal bartending experience rounded out a Friday night in Athens for Travel Bloggers Greece (TBG) during the group’s second networking event this year.  The event, held on February 27, was hosted by The Clumsies a new bar that prides itself on Greek hospitality and innovative ways to fuse Greek products in their cocktail offerings.  The network event which gathered the Greece based bloggers started out with a wine and food tasting presented by The Clumsies’ co-owner, Nikos Bakoulis.  It was followed by a personal bartending experience in a private room located on the upper floor of the historic building. Bakoulis, who is also an award-winning bartender, personally demonstrated the bar’s unique concept when it comes to its cocktail presentation and creation.
 

Displaying TBG gathers at its second networking event.jpg

Travel Bloggers Greece is currently planning its third networking event in Athens and upcoming FAM trips with several Greek travel brands.  TBG was established in January 2015 as a professional networking group whose mission is to promote the interests of travel bloggers that cover Greece as a travel destination.  Members abide by TBG’s code of ethics and continually strive to maintain the highest professional standards. TBG also facilitates business relationships in the Greek travel industry and abroad to educate about travel blogging, promote authentic travel and increased awareness of Greek travel destinations. 

Membership opportunities are available for both bloggers and travel industry professionals.  To find out more please visit the TBG website at: www.travelbloggersgreece.com.
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