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Greece bailout: Government 'delays reform plan deadline' Greece bailout: Government 'delays reform plan deadline'
(about 2 hours later)
Greece will send a list of reforms aimed at securing a bailout extension to EU partners on Tuesday morning, missing a Monday deadline, officials say.Greece will send a list of reforms aimed at securing a bailout extension to EU partners on Tuesday morning, missing a Monday deadline, officials say.
The list must be approved by international creditors to secure a four-month loan extension.The list must be approved by international creditors to secure a four-month loan extension.
Analysts say the deal's collapse would revive fears Greece will exit the euro.Analysts say the deal's collapse would revive fears Greece will exit the euro.
Minister of state Nikos Pappas says the list will include measures to fight tax evasion and trim the civil service.Minister of state Nikos Pappas says the list will include measures to fight tax evasion and trim the civil service.
Germany's Bild daily newspaper, citing an unnamed source, reports that Greece aims to recover 7.3bn euros (£5.4bn; $8.3bn) with measures to combat tax evasion. But Greek officials have also stressed that there will be policies aimed at fulfilling pre-election pledges to help those hit by years of economic crisis.
A spokesman for the German finance ministry, Martin Jaeger, was quoted as saying by Reuters news agency that Berlin expected the Greek plan to be "coherent and plausible". Greece's creditors - the European Central Bank, the European Commission and the International Monetary Fund - are expected to deliver their verdict on the proposals later on Tuesday, before the reforms are discussed in a conference call with eurozone finance ministers.
Greece agreed at a meeting with its European Union and International Monetary Fund (IMF) lenders on Friday to submit the list of reforms before Tuesday. Greece agreed an extension to its financial rescue programme with eurozone countries on Friday, and said it would submit its list of reforms before Tuesday.
But officials said later that the Eurogroup had agreed to a delay though no reason was given. Late on Monday, officials said that although Greece had given no reason, the Eurogroup had agreed to a delay.
"The list of reforms will be sent to the finance ministers of the Eurogroup on Tuesday morning, while a teleconference will take place in the afternoon," one official told Reuters news agency. The four-month extension deal is widely regarded as a major climb-down for Prime Minister Alexis Tsipras, who won power in January vowing to reverse budget cuts.
Analysis: Mark Lowen, BBC News, AthensAnalysis: Mark Lowen, BBC News, Athens
The next few hours will determine whether last week's deal on Greece will hold or whether the two sides are still too far apart on the conditions needed for the loan extension. Greece hasn't disclosed why the infamous list has been delayed but insists it will arrive in Brussels on Tuesday. Drafts leaked to the Greek media suggest proposals broadly fall into three categories: tackling tax evasion, structural reforms and social measures that help the poor with healthcare or electricity bills and prevent those in debt from losing their homes.
The Greek government will prioritise clamping down on tax evasion and smuggling in its list of reforms, hoping that will avoid more cuts in the public sector and may free up money to rehire civil servants and increase social spending. It's not clear which will make the final list or whether the reforms will be accepted by Greece's creditors. If there's a fundamental disagreement, the deal to extend Greece's loan could collapse.
But Germany and others are likely to insist that past austerity measures are irreversible. The European Commission, IMF and European Central Bank will deliver their verdict on Tuesday. If there are deep disagreements, the deal could collapse. The government is likely to be forced into U-turns on some promises made before the election, such as raising the minimum wage or rehiring public sector workers.
The Greek government will continue to sell this to its voters as the first time it has a real say in the reforms it will take but the reality is that the creditors will keep Athens on a tight leash and there is little room for manoeuvre. The hard left of the governing party is opposed. But the majority of Syriza's supporters appear to be behind it, relieved at least that Athens is proposing reforms for the first time rather than being handed a fait accompli by its creditors.
Varoufakis and Schaeuble: No love lost
'Long road ahead''Long road ahead'
A spokesman for the German finance ministry, Martin Jaeger, was quoted as saying by Reuters news agency that Berlin expected the Greek plan to be "coherent and plausible".
Greek Finance Minister Yanis Varoufakis has said the bailout agreement will be "dead" if the list of reforms his government is drafting is not approved.
Bild, Germany's biggest-selling newspaper, broke down in an article (in German) what it said was a tax hit list devised by the Greek government.Bild, Germany's biggest-selling newspaper, broke down in an article (in German) what it said was a tax hit list devised by the Greek government.
It will reportedly seek to raise 2.5bn euros from the fortunes of rich Greeks, 2.5bn from back taxes owed by individuals and businesses, and 2.3bn from a crackdown on tobacco and petrol smuggling.It will reportedly seek to raise 2.5bn euros from the fortunes of rich Greeks, 2.5bn from back taxes owed by individuals and businesses, and 2.3bn from a crackdown on tobacco and petrol smuggling.
The newspaper was publicly attacked on Friday by Greek Finance Minister Yanis Varoufakis who remarked about an earlier story: "One must believe @BILD's tall stories [about Greece] at one's peril."
Mr Jaeger said the Greek reform plan, once received, would be examined by Greece's three creditors - the European Central Bank, the European Commission and the IMF.
Once the three lenders had delivered their opinion, it would be discussed by eurozone finance ministers in a conference call on Tuesday, he said, according to Reuters.
On Friday, German Finance Minister Wolfgang Schaeuble stressed that there would be no payment of new funds to Greece until the conditions of the deal had been met.
Mr Varoufakis has said the bailout agreement will be "dead" if the list of reforms his government is drafting is not approved.
The four-month extension deal is widely regarded as a major climb-down for Prime Minister Alexis Tsipras, who won power vowing to reverse budget cuts.
In effect, the deal has kicked down the road some of the more difficult issues, like the future sustainability of Greek debt, the BBC's Chris Morris reports from Brussels.In effect, the deal has kicked down the road some of the more difficult issues, like the future sustainability of Greek debt, the BBC's Chris Morris reports from Brussels.
For now the focus is on steadying the ship, and trying to produce an interim plan, he adds.For now the focus is on steadying the ship, and trying to produce an interim plan, he adds.
On Saturday, Mr Tsipras said in a televised address that his government had "won a battle, not the war". On Friday, German Finance Minister Wolfgang Schaeuble stressed that there would be no payment of new funds to Greece until the conditions of the deal had been met.
Mr Tsipras said in a televised address the following day that his government had "won a battle, not the war".
He called the deal an "important negotiating success" but warned that there was a "long and difficult road ahead".He called the deal an "important negotiating success" but warned that there was a "long and difficult road ahead".
Greek economy in numbersGreek economy in numbers
Greek crisis deepens amid EU tensionGreek crisis deepens amid EU tension
Greece bailout talks explained in 60 secondsGreece bailout talks explained in 60 seconds