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Follow on Google News | 3rd March 2015 - Greece Still looking to Negotiate Their Bailout TermsStock Port Associates is one of the world’s largest and most established offshore investment firms operating within a tax-favorable jurisdiction.
3rd March 2015 - Greece Still looking to Negotiate Their Bailout Terms Major European Indexes as of 2nd March 2015 FTSE 100 - 6,940.64 (-0.09%) DAX - 11,410.36 (+0.08%) CAC 40 - 4,917.32 (-0.69%) Greece is still at the centre of the Eurozones troubles as the newly elected government still looks to ways to renegotiate the terms of their bailout exit despite receiving a 4mth extension, many of whom thought would be blocked by the Germans. A unanimous agreement from the 19 member states was required and achieved late last week and saw the Greek Finance Minister supply a list of reforms Greece would look to address in order to satisfy the EU that it was working to achieve a level of liquidity that would enable it to refuse a 3rd bailout. With a debt of 175% of GDP and a economy in turmoil the Greeks need to be very careful on their proposals as they are being scrutinized with a fine tooth comb. There have been comments on the ambiguity of the proposals made to secure the extension and this could lead to further issues when the 4 month period has ended. The IMF is owed a €2bn payment in March and the European Central Bank is due €6.7bn in matured bonds between July and August. With the Greeks expected to require the €7.2bn final payout soon, most analysts are unsure whether they have done enough to convince the European Union that they have the ability to carry out the reforms they offered. Greek Reforms: Combat tax evasion Tackle corruption Commit not to roll back already introduced privatizations, but review privatizations not yet implemented Introduce collective bargaining, stopping short of raising the minimum wage immediately Tackle Greece's "humanitarian crisis" with housing guarantees and free medical care for the uninsured unemployed, with no overall public spending increase Reform public sector wages to avoid further wage cuts, without increasing overall wage bill Achieve pensions savings by consolidating funds and eliminating incentives for early retirement - not cutting payments Reduce the number of ministries from 16 to 10, cutting special advisers and fringe benefits for officials The government has repeatedly stated they do not want additional bailout funds and that they are not in need of them as they can source funds outside of Europe. This will no doubt give good reason for concern and may have led to a recent poll result that suggested that 38% of the analysts polled could see the breakup of the European Union in as little as 12 months. This type of reaction could be just scaremongering however it is fair to say that the current sentiment within Europe could lead to the EU seeing some members either remove themselves or be deemed unsuitable or unable to remain in the EU, however in reality, this type of news and possible outcome are very very unlikely. We will 0need to wait until later this week to find out more news from Greece and whether the final installment is effectively going to be forced on the nation or whether the reforms they have offered are in fact strong enough for the ECB, IMF and EU to roll over again and offer Greece a helping hand. Stock Port Associates (SPA) is one of the world’s largest and most established offshore investment firms operating solely within a tax-favorable jurisdiction. SPA employs seasoned market professionals with expertise in all asset classes with access to all major markets. To find out more please visit http://www.stockportassociates.com for more information or contact info@stockportassociates.com to be contacted by one of our representatives. DISCLAIMER The views, opinions, findings, and conclusions or recommendations expressed on this service are those of the author(s) and do not necessarily reflect the views of the Stock Port Associates.All market data within this release is for your general information and enjoys indicative status only. Stock Port Associates does not accept any responsibility for its accuracy or for any use to which it may be put. All share prices and market indexes delayed at least 15 minutes. 52 week high and low values are calculated from close price data. End Account Phone Number Disclaimer Report Abuse
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