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| Greece submits proposed reforms in bid for loan extension | Greece submits proposed reforms in bid for loan extension |
| (about 1 hour later) | |
| Greece has submitted a list of reform proposals to its bailout creditors, the European Commission says. | Greece has submitted a list of reform proposals to its bailout creditors, the European Commission says. |
| The measures include combating tax evasion and tackling the smuggling of fuel and tobacco. | The measures include combating tax evasion and tackling the smuggling of fuel and tobacco. |
| Newly elected Greek Prime Minister Alexis Tsipras is trying to balance satisfying the demands of creditors with meeting his pre-election pledges. | Newly elected Greek Prime Minister Alexis Tsipras is trying to balance satisfying the demands of creditors with meeting his pre-election pledges. |
| Greece needs approval from international creditors to secure a four-month loan extension. | Greece needs approval from international creditors to secure a four-month loan extension. |
| The so-called troika of the European Commission, European Central Bank and the International Monetary Fund will assess the list before it is discussed by the Eurogroup of eurozone finance ministers later. | The so-called troika of the European Commission, European Central Bank and the International Monetary Fund will assess the list before it is discussed by the Eurogroup of eurozone finance ministers later. |
| Eurogroup President Jeroen Dijsselbloem told a news conference the list had been received late on Monday night. Contrary to news reports there had been no delay, he said. | |
| He said he was not yet able to say whether he had a positive assessment of the list, but added the Greek government was "very serious" about meeting its reform commitments and had demonstrated an "unequivocal commitment to honour its financial obligations". | He said he was not yet able to say whether he had a positive assessment of the list, but added the Greek government was "very serious" about meeting its reform commitments and had demonstrated an "unequivocal commitment to honour its financial obligations". |
| The process would not be easy and the list of reforms was just a "first step" towards rebuilding trust between Greece and European creditors, Mr Dijsselbloem said. | |
| Sticking points | Sticking points |
| Drafts of the list will have been seen by European officials in Brussels as they were being drawn up over the weekend, says the BBC's Mark Lowen in Athens. | Drafts of the list will have been seen by European officials in Brussels as they were being drawn up over the weekend, says the BBC's Mark Lowen in Athens. |
| But aspects of the plan that require new social spending may well be sticking points with creditors, he adds. | But aspects of the plan that require new social spending may well be sticking points with creditors, he adds. |
| Ending primary home repossessions and providing free medical care and electricity for those who cannot pay may become bones of contention - while the eurozone may insist pension cuts and VAT rises should continue, our correspondent adds. | Ending primary home repossessions and providing free medical care and electricity for those who cannot pay may become bones of contention - while the eurozone may insist pension cuts and VAT rises should continue, our correspondent adds. |
| There is little time left to agree an extension to Athens' 240bn-euro (£175bn; $270bn) bailout programme, which is due to expire on Saturday. | There is little time left to agree an extension to Athens' 240bn-euro (£175bn; $270bn) bailout programme, which is due to expire on Saturday. |
| Without an extension, Greece could face insolvency and the danger of needing to quit the single currency. | |
| If creditors and finance ministers are happy with the list, it will then be put forward to national governments for agreement before Saturday. | If creditors and finance ministers are happy with the list, it will then be put forward to national governments for agreement before Saturday. |
| The list will then have to be fleshed out with detailed measures by April. | The list will then have to be fleshed out with detailed measures by April. |
| Greek proposals | |
| Source: Reuters | |
| 'Return to dignity' | 'Return to dignity' |
| "Provided Greece avows its obligations and provided there is an agreement in the eurogroup [of finance ministers], the German government would be in favour of the proposed extension," German Finance Minister Wolfgang Schaeuble was quoted as saying. | "Provided Greece avows its obligations and provided there is an agreement in the eurogroup [of finance ministers], the German government would be in favour of the proposed extension," German Finance Minister Wolfgang Schaeuble was quoted as saying. |
| Greek Finance Minister Yanis Varoufakis told CNN that the list of reforms was "very comprehensive". | Greek Finance Minister Yanis Varoufakis told CNN that the list of reforms was "very comprehensive". |
| "This is a very exciting moment because we are getting to be the co-authors of our fate," Mr Varoufakis said. | "This is a very exciting moment because we are getting to be the co-authors of our fate," Mr Varoufakis said. |
| "I can assure you that people on the street are elated by this return to dignity of a people, the Greek people, who for five years have been treated as a debt colony." | "I can assure you that people on the street are elated by this return to dignity of a people, the Greek people, who for five years have been treated as a debt colony." |
| But the compromises agreed to by leftist leaders of the governing Syriza party in pursuit of a European deal have already estranged key figures among the party's more radical supporters. | |
| They include veteran Greek activist and MEP Manolis Glezos, who apologised to the Greek people for "taking part in this illusion". | |
| Greek economy in numbers | Greek economy in numbers |
| Greek crisis deepens amid EU tension | Greek crisis deepens amid EU tension |
| Greece bailout talks explained in 60 seconds | Greece bailout talks explained in 60 seconds |