European Economic and Monetary Affairs Commissioner Pierre Moscovici has hailed “genuine progress” in negotiations with Greece on a “whole series of topics” but points to a number of issues that are still “weighty”. Speaking to French Parliament, he said: “There is genuine progress on a certain number of subjects, I would mention VAT, the modernization of administration, talks have begun over pensions.”

He urged the Greek Radical Left Coalition (SYRIZA) government to accept the “demanding” deal offered by its creditors, backed by France and Germany, but added that it was not a “take-it-or-leave-it” deal but up for “genuine dialogue.”

International creditors have already budged on demands for a high primary budget surplus. They are willing to forgo pension cuts, provided Greece can find money from elsewhere. Here are some of their suggestions:

* The Pension Social Solidarity Fund (EKAS) that is received by around 250,000 from the country’s 2,250,000 low-income pensioners that gross less than 700 euros per month (around 500 euros per month net) is at 800 mln euros per year. Lenders want this to be abolished, preferring instead for a welfare grant to be given, thus saving the state 400-500 mln euros.

* VAT on electricity bills should be increased by 10 unit points from 13% to 23%.

* Removal of the super-reduced VAT rate of 6.5% for revenue at around 528 mln euros.

* Maintain ENFIA with objective values in force on January 1, 2015, without reductions to avoid losing another 600 million euros.

* Remove the 30% reduction for VAT on islands, aimed at yielding 347 mln euros.

* Abolition of new government recruitments.

* The retention of the extraordinary contribution (and tripling this rate for incomes over 30,000 euros per annum).