The representatives of Greece’s official lenders appear to have rejected the government’s proposal for tackling the problem of “black money” by charging fines of up to 35% to those who claim they “forgot” to declare income.
Instead, it has been agreed that the government will take immediate steps to have direct access to taxpayer’s bank accounts and wealth portfolios in order to discover sources of undeclared income.
The talks between Greek government officials and representatives of the so-called institutions also focused on the new privatization fund, with the revenues attained from the privatization of state-owned assets to be used as collateral for the loans made to Greece.
The new privatization fund was agreed last summer and was prerequisite for the signing of the new bailout program.
The toughest issue to be tackled, however, is that of the non-performing loans as the Greek government and its lenders do not see eye to eye on the measures needed to address this matter.
It goes without saying that the review process cannot be completed before a consensus is reached between Greek officials and lenders on all outstanding economic issues.
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