Greece has just started handing over its economic
reform proposals to its international creditors. No details have been released yet,… but
local media in Greece say the proposals will include public spending cuts worth 14-point-three
billion U.S. dollars,… tax hikes,… and a raise of the retirement age.
These had originally been issues Greece′s socialist government said were ″red lines″
it would never cross. The reported concessions come as Greece′s
banking system is teetering on the brink of collapse, with bank closures extended until
the end of the week. Eurozone leaders have given Athens a ″final
deadline″ of Sunday to agree to reforms that could help Greece avoid bankruptcy and
a possible departure from the euro. If Greece′s proposals are deemed acceptable,…
the country′s creditors could sign off on a third multi-billion dollar bailout that
should allow Greece to stay inside the currency union.