In early June Tsipras and Tsakalotos once more sought a compromise. Athens would meet the creditors’ austerity target by a combination of increased retirement age and heavy increases in tax and social security contributions. For forty-eight hours this raised hopes of a deal. But there were sticking points. While agreeing to run a huge primary budget surplus, Syriza was still insisting on “political essentials,” weighting the adjustment less toward welfare cuts and more toward tax increases on wealthy Greeks. This satisfied the demand for social equity, but creditors insisted that it “could end
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