Greece Submits New Bailout Plan

Alexis  spent much of the day thrashing out the agreement with his cabinet.
Alexis  spent much of the day thrashing out the agreement with his cabinet.

Alexis spent much of the day thrashing out the agreement with his cabinet.

Greece early Friday laid out details of a new bailout plan to save it from the brink of financial collapse, offering a pensions overhaul and tax hikes in return for debt relief and a rescue loan from the eurozone. The last ditch package, handed in just two hours before a crucial deadline of midnight (22 00GMT) Thursday, closely resembled an offer put forward by Greece’s international paymasters before talks broke down last month, but there was no immediate word on wether it would be enough to unlock fresh aid. “The Greek proposal includes funding of the country’s financing needs for three years, debt adjustment and a front loaded investment package of 35 billion euros,” a Greek government source said. Eurozone officials will now study the details of the plan on Saturday before a make or break summit of all 28 European Union leaders the following day that could determine Greece’s future in the single currency and even the bloc as a whole. Under the new proposals, Greece agrees to discourage early retirement and seek higher health contributions from pensioners. Tax on shipping, corporate tax and a luxury tax will be increased and a crackdown will be energetically pursued against tax evasion, according to a 13-page document released by Athens on Friday. On Friday, the Greek parliament will be asked to authorise Prime Minister Alexis Tsipras and other senior officials to hold new talks on the basis of this latest bailout offer, state news agency ANA said.

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Chukwunonso Azinge is a Public health parasitologist whose variety of intrests ranges from international news reportage, writing articles on current world issues and of course football. Follow me on Twitter @azingelfc and on Facebook- Nonso 'King Kenny' Azinge.

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