EU president Donald Tusk describes Greek offer as the “first real proposals in many weeks” as Euro Summit kicks off

 
Billy Ehrenberg
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Greece has waited until the 11th hour to table a new offer it hopes will lead to the unlocking of €7.2bn in bailout funds (Source: Getty)

EU council president Donald Tusk has said Greece’s proposals are the “first real proposals in many weeks” as the Euro Summit on Greece kicks off.

Read more: Athens stocks bounce as Greece outlines proposals

Markets have rallied today, as hope grows that a deal will be reached in the coming days. It is considered unlikely that an accord will be struck tonight, despite the more optimistic noises coming from both sides.
Speaking to reporters, Tusk said there was still work to be done. Nevertheless, his rhetoric will boost hopes of a deal further.
The latest Greek proposals are the first real proposals in many weeks although they still need, it's obvious for me, the assessment of the (creditor) institutions and further work, of course.
He repeated the comments on twitter.
In an interview with the BBC, Greece's economy minister Giorgos Stathakis said Athens would impose a new tax on business, a new tax on the wealthy, and increase VAT on selected items. There were also separate rumours of a proposal to raise the retirement age.
Francois Hollande, the French President, also sounded upbeat:
There has been progress. The Greek government has made proposals that are stronger and more precise. Greece is being asked to make a lot of efforts.
Greece has waited until the 11th hour to table a new offer it hopes will lead to the unlocking of €7.2bn in bailout funds it needs to avoid defaulting at the end if the month.

Markets have rallied today, as hope grows that a deal will be reached in the coming days. It is considered unlikely that an accord will be struck tonight, despite the more optimistic noises coming from both sides.

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