This letter shows Greece is willing to accept nearly all creditors' demands

TsiprasREUTERS/Philippe WojazerGreek Prime Minister Alexis Tsipras gestures as he leaves the EU Council headquarters after a European Union leaders summit in Brussels, Belgium, June 26, 2015.

A letter from Greece’s Prime Minister Alexis Tsipras that is circulating the internet just revealed what the country asked its creditors for, just before it defaulted on its payments.

This is in addition to the separate request for a two-year bailout programme from the European Stability Mechanism which was an attempt to avoid a default. However, in the end, Greece failed to make the €1.6 billion ($US1.8 billion) payment to the International Monetary Fund on June 30.

In the letter, as hosted here by Bloomberg’s Businessweek and originally reported in the Financial Times, Tsipras asked for two main creditor demands to be amended:

  • A 30% VAT discount to Greek islands to be maintained
  • The process of raising the retirement age to 67 should not start immediately but in October.

Eurozone stocks and peripheral bonds rallied on Wednesday following the circulation of the letter and that the Greek government is actually willing to accept a bulk of the conditions.

You can read the full letter here too:

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