Greece sends €6bn-Reforms List, no agreement with creditors, ministers threaten not to pay IMF

Greece submitted a new Reforms List to the creditors today, as the negotiations with the creditors in Wednesday’s Euro Working Group did not develop according to the Greek expectations.

The list was sent to the Brussels Group  – euro zone partners – on Wednesday morning.

According to the Greek calculations, the country hopes to raise between  €4.6  billion and €6 billion in revenues.

The 26-page long Reforms List covers taxation, privatizations, reforms in Greece’s public sector, labor market and healthcare, among others.

The Greek government says it is a “comprehensive list” of policy reforms, meeting its commitments to its creditors and to the Greek people, and urges its lenders to respond quickly, and positively.

Furthermore, the Greek government requests a speedy and successful conclusion of the Final Review on the basis of this list, so that short-term funding issues may be resolved and the current crippling economic and financial uncertainties brought to an end.

The list was obtain by Financial Times Brussels Correspondent  and here are some details from the revenues plan:

The list contains also new expenditure of 600 million euro that would materialize the Government promise to give a 13th pension to low-pensioners and 72 million euro for EKAS, the poverty aid for low-pensioners.

Greece expects to achieve a primary surplus of 1.2% of the GDP for 2015. The IMF projections for 2015 were at 3% of the GDP, a mission impossible for a country in recession. In the Eurogroup of February 20th, Greece’s partners had agreed to a lower than predicted primary surplus.

At the same time, Greece also warns its creditors  that the “viability” of the EU, and the single currency, is in question. In the introduction of  Reforms List, Greece notes:

“The Hellenic Republic considers itself to be a proud and indefeasible member of the European Union and an irrevocable member of the Eurozone. Yet the viability of that Union, and especially of the common currency, is now in question, in the minds of many Greek citizens as it is in the minds of many among our European partners.”

Full Reforms List 26 pages here in FT.com Pdf

For more excerpts see the Guardian here.

After the teleconference of the Euro Working Group, Greek government sources spoke of “points of agreement”.

However, a full agreement does not seem close. Now the European partners and international creditors closed their books and are leaving for the Catholic Easter holidays. Greek Orthodox Easter is a week later.

Two government ministers –Voutsis and Skourletis – told foreign media, that Athens had money “until the middle of April”, that it would “rather pay wages and pensions than creditors (tranche to IMF April 9th), and that “aid from Russia and China were also options”.

No paying obligations to creditors would mean “a credit event”, the IMF had warned in February.

Greece hopes that an extraordinary Eurogroup even per teleconference could take place next week.

That is after the non-Greek-Orthodox partners & creditors have gotten  the blessing of Resurrection

PS A credit event in the Holy Week before the Greek Orthodox Easter? An Easter without lamb and kokoretsi roasted on the spit, dyed eggs, sweet dough bread, lots of smiles and presents for the kids? THAT’S NOT POSSIBLE!!!