Wednesday, 27 May, 2015

Greece, Creditors Start Crafting Staff Level Accord: Official

(Bloomberg) — Brussels Group of Greek officials, representatives of creditor institutions to start drafting Staff Level Agreement today, a Greek govt official says in e-mail to reporters. * Agreement to envisage low primary budget surpluses, no recessionary measures, sales tax overhaul, medium-term agreement on Greek debt relief, growth package * Agreement will not include additional EU1.8b in measures * Agreement will also envisage pension system reform, limiting early retirement, unification of pension funds; no pension cuts included * Disagreement between creditor institutions remains a problem; if it wasn’t for the IMF, agreement would have been reached by now * Creditor institutions should assume historical responsibility toward Greece, common European vision * Greek PM Alexis Tsipras will be in constant contact with other leaders, to facilitate reaching agreement * Greek deposits, financial system are safe * NOTE: Official asked not to be named in line with policy * NOTE Earlier: Greece Said Likely to Miss May Deal Deadline as Talks Stall Link Archr LLP is Authorised and regulated by the Financial Conduct Authority (FCA reference 617163). Archr LLP is not covered by the Financial Services Compensation Scheme (FSCS). Archr is registered in England and Wales No. OC371018. Registered office Chancery House, 30 St Johns Road, Woking, Surrey, GU21 7SA This message may contain confidential or privileged information. If you are not the intended recipient, please advise us immediately and delete this message. The unauthorised use, disclosure, distribution and/or copying of this e-mail or any information it contains is prohibited. This information is not, and should not be construed as, a recommendation, solicitation or offer to buy or sell any securities or related financial products. This information does not constitute investment advice, does not constitute a personal recommendation and has been prepared without regard to the individual financial circumstances, needs or objectives of persons who receive it. You are receiving this email because you are a valued client of Archr.