The Greek government is attempting to avoid implementing a new package of harsh austerity measures worth 4.5 billion Euros until 2028, after losing the battle to close the second review on the Greek program, by pushing for a political compromise with its creditors. Greek PM Alexis Tsipras is expected to take initiatives in this direction in light of his contacts at the December 14-15 EU Summit, next week.

Greek Finance Minister Euclid Tsakalotos ruled out the possibility of the government accepting an extension of fiscal measures for over 10 years past the end of the 2018 bailout program, speaking at SYRIZA’s political council. German Finance Minister Wolfgang Schauble has been the main proponent of the idea to extend the 3.5% surplus target beyond 2018.

Meanwhile, the amount of additional measures demanded by the IMF rose to 4.5 billion, instead of the initially thought, as Greek Deputy Finance Minister George Chouliarakis revealed. Addressing the European Parliament on Tuesday, Chouliarakis said the IMF requested fiscal measures worth 2% of the GDP to close the primary surplus gap, in addition to measures amounting to 0.5% of the GDP to cover the recessionary effects of the austerity measures.

The Greek side claims it will be able deliver a 3.5% GDP surplus in 2018 without the need for more measures after the completion of the 3rd MoU. The Greek government appears satisfied with the results of the medium-term measures on the Greek debt agreed upon at the last EuroGroup meeting, arguing they lead to a decrease in the country’s loan needs by 45 billion euros for the next 43 years.