Stock markets across Europe surged higher following a report on the Financial Times website that Greece will accept all the bailout demands of creditors bar a few changes such as maintaining a discount on sales taxes on the Greek islands.
In the two-page letter sent to Greece's creditors on Tuesday, Greek Prime Minister Alexis Tsipras appears to be making big concessions in a request for a new bailout deal.
Another change Tsipras is requesting is moving the retirement age to 67 by Oct. 2022 instead of right away. Finally, he asked for a solidarity grant to be awarded to poorer pensioners, to be phased out in Dec. 2019, the Financial Times reports.
Here's the full Tsipras letter. http://t.co/3CMYTO6nmc pic.twitter.com/jwiKPhxDpr
— Bloomberg Markets (@markets) July 1, 2015
Traders responded positively, thinking that it could form the basis
of a new deal between Greece and its creditors that would prevent a
messy Greek exit from the euro.The Stoxx 50 index of leading European shares was up 1.6%, while Germany's DAX jumped 2.2%.
It's unclear, however, if the bailout deal is still on the table, since it expired Tuesday, and Greece defaulted on a $1.8 billion payment to the International Monetary Fund.
Eurozone finance ministers have scheduled a conference call at 11:30 a.m. ET to discuss Tsipras' proposal.
No comments:
Post a Comment