Berenberg : Greece: 12 June

www.berenberg.de/uploads/tx_news/150612_Greece.pdf

What Greece needs. The chart also spells out the only way to fix Greece. Athens needs to return to policies similar
to those that are working in Spain. It needs a flexible labour market, an affordable pension system, a simple tax
system and a public sector that throws less rather than more obstacles in the way of private businesses. By and
large, these are the reforms that creditors are insisting on. These are the reforms that could end the Tsipras
recession. Let’s hope that, after his dangerous brinkmanship over the last few days, Tsipras learns his lesson fast.