The Greek government is expecting a new answer from creditors

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Defense spending cuts, a firm timetable for making private state assets such as Piraeus port and regional airports, hikes in VAT for hotels and restaurants and slashing a top-up payment for poorer pensioners The proposals are a basis for starting negotiations on a three-year loan. Not all the officials signatures are on the submitted document but experts from the European Commission, European Central Bank and International Monetary Fund will examine the proposal. If accepted, prior actions must be scheduled for the government in a short time. “Debt sustainability is not feasible without a haircut and I think the IMF is correct in saying that,” appreciated German Finance Minister Wolfgang Schaeuble. But he admitted that extending loan maturities, shaving interest rates and lengthening a moratorium on debt service payments can help. An emergency euro zone summit will be organized on Sunday.

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