European stocks markets soared today after Greek prime minister Alexis Tsipras submitted new detailed proposals for economic reform in the hope of persuading creditors to agree a fresh bailout.
The proposals are aimed at staving off financial collapse and preventing a possible exit from the eurozone. Athens has drawn up the plans in an attempt to secure its formal request for a bailout through the European Stability Mechanism.
They include a tax hike on shipping companies and scrapping tax breaks for its islands, as well as higher value added tax for restaurants and a firm timetable for privatisations. This would be in return for a financial lifeline of €53.5billion to prop up the country's failing banking system.
Sticking together: The proposals are aimed at staving off Greece's financial collapse and preventing a possible exit from the eurozone
Greece's new finance minister Euclid Tsakalotos stressed the urgency of the loan request 'given the fragility of our banking system', the lack of liquidity and the country's forthcoming obligations.
Requesting a three-year long ESM programme of support, he highlighted Greece's 'commitment to remain a member of the eurozone and to respect the rules and regulations as a member state'.
Read more: http://www.thisismoney.co.uk/money/
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