Rolling reaction as the Greek government draws up economic reform proposals to satisfy its international creditors, amid tensions in Athens.Introduction: Greece plans tax clampdownJapanese market hits 15-year high 7.57am GMT In other news, the UK government has trimmed its stake in Lloyds Banking Group -- more than six years after rescuing the bank. More here.Government sells £500m of Lloyds shares in key week for bailed-out bank http://t.co/6J2XvLqsjl 7.54am GMT #FTSE 15 points away from record high of 6930 - now at 6915.20. @guyjohnsonTV on #ThePulse pic.twitter.com/Yx2ObE2wu2 7.46am GMT The Financial Times reckons says the Greek reform programme may be light on specifics:The reforms would be “mainly of a structural nature” and would not include details of projected revenue increases or spending cuts, a Greek government official said. Still, Athens intended to spell out measures to crack down on tax evasion and fuel and cigarette smuggling that could raise about €2bn-€2.5bn this year, the official added.If "crackdown on tax evasion" is sum total of #Greece reform proposals, we may be in for a long week. I suspect there's more, tho. 7.43am GMT Eurozone crisis expert Yannis Koursomitis has tweeted more details of the Greek tax clampdown (and also wonders whether it’ll work):#Greece govt's extra revenue plan: Gasoline smuggling €1.5bn, cigarette smuggling €800ml, rich ppl taxation €2.5bn, tax arrears €2.5bn ~Bild#pt - I'm not convinced these goals are achievable. In any case I wish the Greek gov't good luck. 7.40am GMT Asian investors have driven the Japanese stock market to a 15-year high today, on relief that Greece and its creditors had agreed to extend its bailout by four months. 7.33am GMT Good morning, and welcome to our rolling coverage of Greece’s bailout and other events across the global economy, the financial markets and business.The sticking-plaster agreement hammered out in Brussels on Friday night faces its first test today, as the Greece government outlines the economic reforms it will deliver in return for its four-month bailout extension.“I apologise to the Greek people that I cooperated in this illusion,” “Some claim that as part of a deal you have to back down. First of all, there can be no compromise between the oppressor and oppressed, just as there cannot between the slave and the tyrant, the only solution is freedom.”I just translated the stmnt released by Manolis Glezos, #Syriza MEP & Resistance fig, slamming govt's realistic turn. pic.twitter.com/6YIciTcson Continue reading...
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