The Greek government has submitted economic reform proposals to try to secure a further bailout from its creditors, eurozone officials say.
They say they received the plan late on Thursday – just two hours before a midnight deadline. They will now study it ahead of EU meetings at the weekend.
The measures include tax rises, pension reforms, privatisation and spending cuts.
Greece needs a third bailout to avoid a default and a possible euro exit.
The Greek proposals include:
- tax rise on shipping companies and scrapping tax discounts for islands
- unifying VAT rates at standard 23%, including restaurants and catering, which has been shown to reduce revenues and increase uninsured labour. Was abolished unilaterally by the previous government and revenues increased. Hotel VAT rates up to 13% will also adversely affect the tourist industry.
- phasing out solidarity grant for pensioners by 2019
- €300m ($332m; £216m) defence spending cuts by 2016
- Keep the property tax for 2015 and 2016
- 100 percent advance payments for corporate income
- increase the rate of the tonnage tax and phase out special tax treatments of the shipping industry.
- increase the health contributions for pensioners from 4% to 6% on average and extend it to supplementary pensions
- create strong disincentives to early retirement,
- reform the unified wage grid, effective 1 January, 2016 (public sector salaries)
- Publish a revised Strategic Plan against Corruption by 31 July 2015
- Adopt legislation to establish an autonomous revenue agency
- open the restricted professions of engineers, notaries, actuaries, and bailiffs and liberalize the market for tourist rentals
You can read the full document here: The Greek proposals