10 Jul 2015
Greece proposal: EUR in demand across the board
FXStreet (Bali) - The European shared currency has found demand in iliquid conditions as books get passed from America to Asia, further fueling a relief rally that has seen the EUR/JPY break above 134.00 to reach its highest post NY close at 134.70, while EUR/USD recovers further to 1.1068 high.
Greece delivers reform proposal
The Greek reform proposals include setting primary surplus target at 1% for 2015, 2% in 2016. It will include VAT rate of 23 pct for restaurants/catering, VAT for hotels at 13%, and will eliminate VAT tax breaks for islands by end 2016.
Greece, at the same time, proposes debt restructuring, and a EU35bn growth package. On the pensions front, savings of 0.25-0.5% of GDP in 2015 are expected. The Greek proposal envisages ESM funding until June 30 2018, proposing an increase in corp tax to 28% vs 26% prior.
Greece delivers reform proposal
The Greek reform proposals include setting primary surplus target at 1% for 2015, 2% in 2016. It will include VAT rate of 23 pct for restaurants/catering, VAT for hotels at 13%, and will eliminate VAT tax breaks for islands by end 2016.
Greece, at the same time, proposes debt restructuring, and a EU35bn growth package. On the pensions front, savings of 0.25-0.5% of GDP in 2015 are expected. The Greek proposal envisages ESM funding until June 30 2018, proposing an increase in corp tax to 28% vs 26% prior.