Greece Has A New Reform Plan

Greece submitted a new reform plan to EU and IMF. This happened days after Greek PM Alexis Tsipras rejected the set of reforms offered by EU Commission President Jean Claude Juncker.

The EU and IMF want further economic reforms before they release €7.2bn (£5.3bn) of bailout funds.
It is believed Athens has conceded ground on VAT reforms, pensions and the country's primary surplus target.
The reform plan comes a day before Mr Tsipras meets the French president and German chancellor.
Last week, Greece "bundled up" a €300m (£221m) payment to the IMF, delaying the payment until the end of June when a total of €1.5bn is due to be paid.
Among the plans being put forward by the government, it is believed Greece is willing to increase VAT, but still maintain three rates: a standard rate, a reduced rate for food and medicine and a further reduced rate for books and hotel accommodation.
The government has proposed increasing its three rates of VAT, according to Greek newspaper Ekathimerini.
Athens is also willing to move closer to creditor demands over the primary surplus as well, the newspaper reports.
The EU and IMF want the economy to run a primary surplus of 1% of GDP thisyear and 2% next year. Athens prefers a target of 0.6% of GDP this year and 1% next year.