30-page Greek bailout document obtained by FT
A Greek bailout extension request will be formally presented tomorrow but many parts of it have already been presented and rejected, according to the FT.
Unless EU officials change course, the document is a tough starting point for negotiations that Dijsselbloem said need to be completed on Friday. Initial responses from a German finance ministry spokesman and a European Commission VP were unwavering in that the conditions attached to the original loans couldn't be changed.
The euro hasn't reacted to the report, which first hit about an hour ago. But a stormy response tomorrow would leave negotiations (once again) down to the last minute. That's not a surprise given the long history of brinksmanship but it could further inspire Greeks to withdraw bank deposits.
The document calls for lower primary budget surplus target at 1.5% versus 3.0% in the bailout. Greece also wants to scale-back privatisation. Instead of counting on €2.2bn in privatisation receipts in 2015, Athens suggests using €1.9bn in Greek bond profits held by the European Central Bank to pay down debt instead.
