Tsipras letter: Watering down creditors’ proposals? – ANZ

FXStreet (Barcelona) - With Greek PM Tsipras tabling down new proposals and Greece’s creditors having stated that negotiations will not resume until after the referendum on Sunday, the stalemate continues, note Economists at ANZ.

Key Quotes

“There were no new developments in Greece following news that Prime Minister Tsipras sent a letter to the creditors on Tuesday night indicating that Greece would comply with most of the fiscal proposals outlined by the creditors last Friday.”

“European leaders want to see what the results of the referendum are before resuming negotiations and Tsipras isn’t endearing himself to the Troika by continuing to campaign on a ‘No’ to agreeing to the austerity proposals. Tsipras clearly wants the creditors’ proposals watered down a bit (ie pension cuts to start October, not immediately, VAT relief for more remote islands, etc.).”