Negotiations Between Greece and Creditors Continue to Stumble

15 November 2015
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A new meeting between the Greek team and lenders representatives is scheduled on Sunday at noon after Saturday’s 11-hour negotiation ended with issues still unresolved.

Government sources said there was progress in talks, however several crucial issues are still pending. Namely, the protection of primary residences from foreclosure and the settlement of non-performing business loans. The Greek side is aiming to conclude talks on Sunday so that the Euro Working Group can convene, but this is very unlikely.

Regarding bad business loans there is still a dispute over which funds will manage the loans and the conditions of passing the loans to the funds.

The government is trying to prevent the selling of bad loans to distress funds. However, this issue must be resolved immediately as it affects bank recapitalization.

Regarding non-performing house loans, the negotiation is based on the Greek proposal that aims to protect 58-60 of the non-performing loans of debtors with income over 30,000 euros. The proposal also asks for faster judicial proceedings.

According to government sources, there has been an agreement on the issue of the repayment of state debts in 100 installments and the abolition of 23 percent value added tax on private education. Athens will find equivalent revenues from taxing gambling games.

Also, the two sides have agreed on the gradual decrease of prices on generic medicine, changes in the Hellenic Financial Stability Fund and reforms in the management of banks.

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