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    Targets in Greece’s new proposal are still lower than Greece’s creditors have proposed

    The Greek government has submitted a new reform plan to the European Union (EU) and International Monetary Fund (IMF) on Tuesday. According to European officials, Athens has proposed following targets for primary surplus: 0.75% of gross domestic product (GDP) in 2015, 1.75% in 2016, and 2.5% in 2017. These targets are lower than Greece's creditors have proposed, but higher than in Athens previous proposal.

    Greece's proposal contains higher revenue from value-added tax (VAT). Greece estimated revenue from the tax at €1.36 billion in 2016, but Greece's creditors proposed to implement measures that would generate €1.8 billion, or about 1% of GDP.

    Greece's proposal does not contain any details about reforms of the Greek labour market.

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