Sources in the Greek government inform that the institutions have submitted a counter proposal which is not accepted by Greece. In essence, the institutions are holding on to their tough demands regarding the public pensions and the country’s VAT.
Regarding the public insurance funds, the Greek side proposed that an increase in the revenues should come from an increase in the insurance fees payed by the employers as well as the limiting of early retirement schemes.
In their counter-proposals, the institutions find that over taxation and increases in fees and levies are measures that hinder economic growth, so they push for more direct budget cuts.