Here is a summary of the proposals his government made, based on a letter he sent to European Commission chief Jean-Claude Juncker on Monday.
Prime Minister Alexis Tsipras flew to Brussels to meet Greece's international creditors on Wednesday to try to bridge gaps on key elements of the proposals made by his left-wing government to shore up state finances in
return for vital loans.
Here is a summary of the proposals his government made, based on a letter he sent to European Commission chief Jean-Claude Juncker on Monday.
PENSIONS
Extra savings on pensions worth 1.05 percent of GDP in 2016 and 1.1 percent in 2017, with measures including an increase in pension contributions and higher healthcare contributions for pensioners.
Early retirement to be curbed gradually from 2016 to reach a retirement age of 67 for all by 2025, but some exemptions to be maintained, including for arduous professions and mothers with disabled children.
A special benefit for some low-income pensioners, amounting to between 57 and 230 euros ($65 and $261) a month, to remain for now but be replaced from 2020 by a new protection framework for low pensions. Greece's lenders wanted the benefit scrapped.
VAT
Greece to extend the scope of its 23 percent value-added tax rate, but keep reduced rates of 13 percent for electricity, basic foods, hotels and restaurants and 6 percent for medical supplies and books. Officials said lenders had asked for only two rates: one of 23 percent that would take in electricity and restaurants, and one of 11 percent, to include medicines.
VAT discounts for certain islands to be scrapped, something that Tsipras' coalition partners, the Independent Greeks, have said they will not accept.
INCOME TAX HIKE FOR HIGH EARNERS
Solidarity tax for higher earners to be increased. Officials said this would apply to incomes above 50,000 euros, while the tax would be reduced for incomes below 30,000 euros.
CORPORATE AND LUXURY TAX HIKES
An increase in corporate income tax in 2016 to 29 percent from 26 percent.
A one-off levy in 2015 of 12 percent on businesses that post a profit of over 500,000 euros.
Increases in luxury tax on pools, planes, big cars and private boats over 10 metres (33 feet).
A tax on gambling slot machines (VLTs).
PRIVATISATIONS
Privatisation targets, excluding bank shares, are: 1.4 billion euros in 2015, 3.7 billion in 2016, 1.2 billion in 2017.
Privatisations to impose a minimum amount of investment, a commitment by investors to promote the local economy and the retention of a state shareholding.
The transfer of the state's shareholding in the Greek telecoms operator to the privatisation agency will not be part of the lenders' "prior actions", officials said.
Greece will not privatise its power grid operator (ADMIE) nor its dominant power utility PPC, as requested by creditors, officials said.
OTHER MEASURES
Defence spending to be cut by 200 million euros in 2015.
4G and 5G mobile telecommunications licences to be issued.
Public sector wages not to be cut from end-2014 levels.
Special tax deductions for poor residents of islands.
Gas market to be reformed.
PRIMARY BUDGET SURPLUS
Primary budget surplus to be 1 percent in 2015, 2 percent in
2016, 3 percent in 2017 and 3.5 percent in 2018. This is in line
with what Greece's lenders proposed earlier this month, but much
lower than the targets agreed with the previous Greek government
of up to 4.5 percent.
IMPLEMENTATION
Greece is to adopt supplementary 2015 budget effective as of
July 1, as well as a 2016-2019 medium-term fiscal strategy.
The government promises to have the list of reforms,
including VAT and other legislation, approved in parliament "in
a matter of days".
BONDS
Greek officials said Athens had repeated its demand for the
euro zone to lend it money to buy back 27 billion euros of its
bonds from the European Central Bank - effectively rolling over
the debt on more favourable terms.
INVESTMENT
Greece wants the deal to include financing of infrastructure
and new technologies through the European Commission's 315
billion euro investment plan and from EU funds that it was
eligible for in 2007-2013 but did not use.
NUMERICAL TARGETS
Greece plans fiscal measures worth 7.9 billion euros over
2015 and 2016. The measures break down as follows. Figures in
millions of euros, except where indicated:
2015 2016
VAT REFORMS 680 1,360
PENSIONS
Early retirement accruals 60 300
Increase main contributions by 3.9 pct 350 800
Increase pensioner health contributions
(Standard) to 5 pct from 4 pct 135 270
Increase pensioner health contributions
(Supplementary) to 5 pct from 0 0 240
Increase contribution for supplementary funds
to 3.5 pct from 3 pct 120 250
CORPORATE, INCOME TAX
Special 12 pct levy on
companies with profits
above 500,000 euros 945 405
Raise top-rate corporate
tax to 29 pct from 26 pct 0 410
Increase solidarity levy 220 250
OTHER MEASURES
Defence spending 0 200
TV advertising tax 100 100
Luxury goods tax 47 47
Electronic gambling tax 35 225
4G and 5G phone licences 0 350
TOTAL (in millions) 2,692 5,207
(Pct GDP) 1.51 2.87
(Reporting by Renee Maltezou, Angeliki Koutantou and Andreas
Rinke; Writing by Ingrid Melander; Editing by Kevin Liffey)
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