It could be said that the Greek government and creditors are splitting hairs with both sides proposals being similar but making a difference in the detail. The Greek text was leaked to Kathimerini.

Where are the differences?

– Creditors want Greece to yield 1% of the GDP from VAT but the Greek side can only squeeze 093%.

– Greece wants VAT at 13% for foodstuffs and hotels whereas creditors want 23% VAT for restaurants, hotels and catering and just 13% for basic food items.

– The Greek side wants the 30% reduction for VAT at island regions to remain.

– The Greek side proposes a reduction worth 200 mln euros in defence funds, instead of 400 mln euros that the creditors are asking for.

– Both sides agree on business contribution increases from 26% to 28%.

– Greece wants to place a 12% lump sum tax on businesses with profits over 500,000 euros.

– Greece calls for the full application of Law 3863/2010 and rules on auxiliary pensions as well as high pensions.

– The Greek side insists on rules lifting the retirement age to 67 years to be implemented until 2022 and to apply for all those retiring after October 31, 2015 instead of June 30.

– Athens wants the steady replacement of EKAS until the end of December 2018 and does not want the immediate abolition of funds for 20% of those who can apply.

– Athens agrees with creditors calls to implement a 16% penalty for those who retire early.

– The Greek text does not refer to a freezing of monthly pension contributions until 2021. It insists of an increase to contribution units from 4-5% instead of 4-6%.

Read the full proposals:

CLICK HERE for the creditors proposals leaked on Thursday.