{"id":11205,"date":"2011-07-22T08:38:39","date_gmt":"2011-07-22T07:38:39","guid":{"rendered":"http:\/\/www.taxresearch.org.uk\/Blog\/?p=11205"},"modified":"2011-07-22T08:38:39","modified_gmt":"2011-07-22T07:38:39","slug":"if-you-havent-seen-it-this-is-the-best-summary-of-the-euro-deal","status":"publish","type":"post","link":"https:\/\/www.taxresearch.org.uk\/Blog\/2011\/07\/22\/if-you-havent-seen-it-this-is-the-best-summary-of-the-euro-deal\/","title":{"rendered":"If you haven’t seen it – this is the best summary of the Euro deal"},"content":{"rendered":"

The\u00a0Guardian\u00a0has produced this summary of the Euro deal<\/a>, and it's good. It misses\u00a0detail\u00a0- but then so does the main document, but it also summarises the core of the deal, well, so without apology I think it needs to be shared:<\/p>\n

Greece<\/strong><\/h2>\n

1<\/strong> Support for austerity measures<\/p>\n

2<\/strong> A new bailout with IMF help<\/p>\n

3<\/strong> Extend maximum EFSF loans from seven and a half years to 15 at lower interest rates (currently around 3.5%)<\/p>\n

4<\/strong> A comprehensive strategy for Greek economic growth under a European \"Marshall plan\"<\/p>\n

5<\/strong> \"Haircuts\" all round \u2014 the private financial sector to offer facilities such as bond exchange, rollovers and buybacks \"on conditions comparable to public support\" but on a voluntary basis<\/p>\n

6<\/strong> No private sector losses on any non-Greek bonds<\/p>\n

7<\/strong> All other\u00a0euro<\/a> countries pledge not to default<\/p>\n

Stabilisation tools<\/strong><\/h2>\n

8<\/strong> Rewrite the terms of the EFSF so that it can take pre-emptive action to stop crises developing; recapitalise banks where necessary; intervene in secondary bond markets if required<\/p>\n

Fiscal consolidation and growth in the euro area<\/strong><\/h2>\n

9<\/strong> Ireland and Portugal to get same lower EFSF interest rates as Greece<\/p>\n

10<\/strong> All euro area deficits to be brought below 3% by 2013 at the latest<\/p>\n

11<\/strong> Efforts to direct EU funds in order to stimulate growth and employment in Greece, Portugal and Ireland<\/p>\n

Economic governance<\/strong><\/h2>\n

12<\/strong> Rush through legislation to toughen up scrutiny of individual countries' tax and spending programmes<\/p>\n

13<\/strong> Legally binding agreements to stick to national budgets<\/p>\n

14<\/strong> Reduce reliance on non-European credit rating agencies<\/p>\n

15<\/strong> Improve crisis management in the euro area<\/p>\n

 <\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

The\u00a0Guardian\u00a0has produced this summary of the Euro deal, and it’s good. It misses\u00a0detail\u00a0– but then so does the main document, but it also summarises the
 Read the full article…<\/em><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[44],"tags":[],"class_list":["post-11205","post","type-post","status-publish","format-standard","hentry","category-europe"],"_links":{"self":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/11205","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/comments?post=11205"}],"version-history":[{"count":0,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/11205\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/media?parent=11205"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/categories?post=11205"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/tags?post=11205"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}