The Greek Radical Left Coalition (SYRIZA) government reached an agreement with creditors early on Tuesday after a marathon 22-hour meeting. Sources said: “We have white smoke, we have an agreement,” said the same source at the end of the meeting with the institutions on Tuesday morning. Thirty five new reforms need to be locked in the framework of an agreement for the new Memorandum according to a draft bill brought to light by Greece’s daily Kathimerini.

The catalogue of draft legislation covered in 60 pages will need to be ratified by Greek Parliament in 24 hours. The same text includes another 23 measures that will need to be implemented by October.

The ones that need to be effective immediately are:

* Tightening the term “farmer”

* Increased tonnage tax for shipping

* Changes to the single property tax (ENFIA) for 2015

* Amendments to the recently-adopted revenue measures

* A return to the previous regulations for drug prescriptions

* Lowering the price of generic drugs

* Abolition of privileges for agricultural fuel

* Better targetng of heating fuel for 2016

* Full evaluation of the social protection system with the goal of annual savings worth 0.5% of the GDP

* Restructuring of public administration

* Dealing with problems concerning tax collection

* Abolition of the highest 25% level of wages and pensions for confiscation

* Reduction of all limits to seizures at 1,500 euros.

* Changes to the debt regulation in 100 installments and exclusion of those who are bad debtors

* Transfer of services and personal tax audits to the Financial Crimes Unit

* Commitment that there will be no other arrangements for tax and social security debts

* Clarifications of the conditions for eligibility to the payment of the guaranteed minimum pension after 67 years.

* Issuing circulars for the full application of the 2010 insurance law

* Phasing out exceptions to early retirement

* Clarification of the VAT system for islands, with discounts to be abolished by the end of 2016

* The complete plan for recapitalization of banks and handling non-performing “red loans”

* Repealing the law on employment contracts adopted on July 2, 2015

* The implementation of the OECD recommendations from Toolbox I (excluding non-prescription medicines) and from Toolbox II on non-alcoholic drinks and mineral oils

* The opening of closed professions, such as engineers, notaries, etc.

* Limitation of third-party taxes

* Reduction of bureacuracy and speeding up licensing for low-risk investments

* Reforming the energy market, especially natural gas that will result in full liberalization in 2018

* Approval of the privatization already undertaken by the Hellenic Republic Asset and Development Fund

* Adoption of better EU practices for subsidies and other costs as of January 1, 2016

* Restructuring the public transport organization

Interventions for October

* The second phase for reforms to the social security system

* Reforms to the tax code

* The gradual change of agricultural taxation with 20% contribution for 2016 and 26% for 2017

* Tax for TV advertisements

* International public tender for television licenses and duties for specific currencies

* 30% tax for lucky games on VLT in the second half of 2015 and in 2016

* Increase taxation for rent under 12,000 euros per year by 15%

* Steady abolition of tax exemptions in the shipping sector

* A permanent reduction of defense funds by 100 mln euros this year and 400 mln euros for 2016

* Expansion of the temporary volunteer contribution by 2018

* A simplification of tax exemptions

* Restructuring the solidarity tax by 2016

* Changes to the single property tax (ENFIA) so that changes to objective prices in 2016 doesn’t influence the tax goal of 2.65 bln euros

* Measures to combat tax evasion

*  Linking tax contribution with benefits

* A new OECD toolbox for wholesale trade, construction, mass media, digital trade etc.