10/07/15

[Maik]

http://civilprotection.gr

[Maik]

Greek deal in sight as Germany bows to huge global pressure for debt relief

Germany is at last bowing to pressure as a chorus of countries and key institutions demand debt relief for Greece, a shift that could break the five-month stalemate and avert a potentially disastrous rupture of monetary union at this Sunday’s last-ditch summit.

In a highly significant move, the European Council has called on both sides to make major concessions, insisting that the creditor powers must do their part as the radical Syriza government puts forward a new raft of proposals on economic reforms before a deadline expires tonight.

This is the first time Europe's institutions have acknowledged clearly that Greece’s public debt – 180pc of GDP – can never be repaid and that no lasting solution can be found until the boil is lanced.

http://www.telegraph.co.uk/finance/economics/11730086/Greek-deal-in-sight-as-Germany-bows-to-huge-global-pressure-for-debt-relief.html


Varous reports on the 'net. We'll see.

[Maik]

Greece debt crisis: Eurozone receives economic reform plan

According to Greek media reports, the measures submitted on Thursday include:

    tax rise on shipping companies and scrapping tax discounts for islands
    unifying VAT rates at standard 23%, including restaurants and catering
    phasing out solidarity grant for pensioners by 2019
    €300m ($332m; £216m) defence spending cuts by 2016

http://www.bbc.com/news/world-europe-33472699

[Maik]

Did Greece just submit the same proposals 61% of Greeks voted against?

http://www.independent.co.uk/news/business/greece-debt-crisis-live-syriza-uturns-but-will-greek-opposition-parties-sign-off-on-austerity-for-bailout-deal-10379542.html

Markets surge on news of Tsipras's climbdown as Greeks propose much harsher austerity deal
Deal looks to be more severe than the proposal rejected by Sunday's referendum and - crucially - there is no mention of debt sustainability

http://www.telegraph.co.uk/finance/economics/11730463/Greece-news-live-Markets-surge-on-news-of-Tsiprass-climbdown-as-Greeks-propose-much-harsher-austerity-deal.html

[Maik]

Key points: Greece's proposals to help end talks deadlock
The measures drawn up by Alexis Tsipras and his cabinet to help broker a deal

Sales tax: a slew of tax increases including a 23% value added tax on restaurants and catering, a reduced 13% tax on basic foodstuffs, energy hotels and water and a so-called “super reduced” rate of 6%t on such things as pharmaceuticals, books and theatre. The new tax levels will kick into gear this October.

Island taxes: special tax breaks for the country’s popular tourist magnets will be scrapped. Only the most remote islands will get to keep the coveted tax breaks.

http://www.theguardian.com/world/2015/jul/10/greeces-proposals-to-help-end-talks-deadlock

[Maik]

Freedom of panorama: EU proposal could mean holiday snaps breach copyright
EU plans to reform copyright law could see Britons facing legal action for publishing photos they have taken of famous landmarks

A new EU proposal could see millions of Britons face legal action for uploading photos of famous UK landmarks onto personal websites or even Facebook pages.

Monuments such as the Angel of the North and the London Eye, or public works of art such as Trafalgar Square’s Fourth Plinth or Liverpool’s Superlambananas, may need to be blacked out in holiday snaps to avoid breaching the copyright of individual architects or artists.

http://www.telegraph.co.uk/travel/travelnews/11695345/Freedom-of-panorama-EU-proposal-could-mean-holiday-snaps-breach-copyright.html

Is this a late April Fool's joke..? What next!!

Keep clicking:

Holiday snaps saved as UK retains Freedom of Panorama

http://www.telegraph.co.uk/travel/destinations/europe/uk/11729754/Holiday-snaps-saved-as-UK-retains-Freedom-of-Panorama.html

[Maik]

Tsipras rattled his sabre until it was blunt – and for what?

Greece now faces a fresh wave of austerity policies – increases in VAT, public sector wage cuts, less generous pensions – that will put the brake on activity. This approach has been tried repeatedly over the past five years and it has failed repeatedly. It will fail again.

The terms Tsipras is now willing to accept are actually more severe than the ones he rejected two weeks ago. This was the moment in Brussels when the Greek prime minister stunned the rest of Europe by putting the terms on offer to a referendum.

It looked a bold, even foolhardy move.

Yet, despite everything, Greece voted no by a landslide.

Greeks will be asking today what has been the point of the last month of diplomatic theatre: the endless meetings, the violent rhetoric, the walkouts, and the calling of the referendum. The answer is less than nothing.

Greece will also get some debt relief. That’s not because the creditors think they owe Tsipras something. On the contrary, he has destroyed most of the goodwill that previously existed. But it is clear to everybody that Greece’s debt outlook is unsustainable and becoming more so. Debts are already 175% of gross domestic product and the economy is going backwards. Shutting the banks for a fortnight makes matters worse. Even the hardliners in Germany recognise that something must be done.

Debt relief, though, is unlikely to be generous enough to make much of a difference. Greece will stay in the euro but the tax increases and the wage cuts will not deliver the promised economic recovery. A third bailout package will be no more successful than the past two. When the next episode in the crisis arrives, as it will, Greeks will look back to the moment when their government had the choice between austerity and the euro and wonder whether it made the right one.

http://www.theguardian.com/business/2015/jul/10/tsipras-greek-economy-sabre-purpose