Tsipras agrees to more austerity in exchange for debt relief

Greek Prime Minister Alexis Tsipras has submitted a last-minute bailout package offer that contains more, not less, austerity than the one he campaigned against and that Greeks rejected in a referendum on Sunday. The proposal sent to Brussels Thursday evening consists of 13 billion euros in spending cuts and tax increases, EU Observer reports. The package rejected by Greek voters only contained 8 billion euros in austerity measures. Tsipras is also proposing raising taxes on low and moderate earners if the measures fail to raise 13 billion euros. Tsipras is asking that Greece’s creditors restructure Greek debt and approve a 3-year, 53.5 billion euro loan package.


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