On Sunday 5 June, the Greek people voted ‘Oxi’ (‘No’) to an austerity (cuts and privatisation) plan for the Troika to continue to financially support Greece, and to loan it more money. However, yesterday (Thursday), the Greek prime minister has offered pretty much the equivalent to what the people voted ‘no’ on, as an alternative offer to the Troika. It includes increasing the retirement age, reducing pensions, and privatising airports, ports, and the electricity supply. It does include some good stuff such as increasing corporation tax by 2% to 28%, and clamping down on tax evasion.
Greek MPs will be debating this offer tonight.
How will the Greek public respond to this offer to the Troika, which they essentially voted against on Sunday? Will there be civil unrest?
RE Germany (as a creditor to Greece), it is relevant that in 1953 Greece agreed to cancel 50% of Germany’s debt.