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Greece offers new tax hikes in latest bailout proposal

Greeks hold European Union and Greek flags during a Pro-Euro rally in front of the parliament building in 2015

Greece offered new measures including a tax hike on shipping companies and scrapping tax breaks for its islands in the latest proposal sent to creditors on Thursday for a cash-for-reforms deal, as Athens races to win new funds to avert bankruptcy.

The government also plans to raise value added tax for restaurants, roll out pension reforms and to set a firm timetable for privatizations.

In return, Athens wants the creditors to review the primary surplus targets for Greece over the next four years and wants funding worth 53.5 billion euros to cover its loan obligations until the end of June 2018.

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