Greek reforms proposals filtering out:

  • Sets primary surplus target of 1 pct in 2015, 2 pct in 2016
  • Includes vat rate of 23 pct for restaurants and catering
  • Sets VAT for hotels at 13%
  • To eliminate VAT tax breaks for islands by end 2016

More:

  • proposes dent restructuring, EU35bn growth package
  • Greece proposes pension savings of 0.25-0.5% of GDP in 2015
  • Greek proposal envisages ESM funding until June 30 2018
  • Proposes increase in corp tax to 28% (from 26)

Text of the proposals is here

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EUR doing very little indeed ... 1.1037 as I update

... updated .... ticking a little higher now 1.1046

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The proposals are pretty much what the Greek people voted 'No' against at the weekend.