Finance Minister Yanis Varoufakis’ reforms list is considered “foggy” not just by international creditors but by Greeks as well. The “creative vagueness” of the list leaves open margins for the addition of new measures, even if Greece’s lenders don’t push for added interventions.

The primary surplus is expected to be at 1.5% thanks to the introduction of a package of reform measures with a fiscal impact of 3.7 bln euros. The reform package, currently being discussed by the Brussels Group includes the following reforms:

* taxes on Greek citizens’ deposits abroad, expected to yield 725-750 mln euros
* combatting VAT tax evasions will bring 350 mln euros
* the introduction of a lottery on gathering retail receipts is expected to bring 270 mln euros to the state
* more favorable terms for overdue debt settlements will yield 600 mln euros
* the simplification of the income tax code will yield 300 mln euros
* licensing television stations will yield 350 mln euros
* an estimated 1.5 bln euros from the privatizations of the Port of Piraeus, regional airports and horse-betting licenses
* combatting smuggling on cigarettes and fuel will bring 250 bln euros
* new tenders for e-gaming at 200 mln euros

The government also plans to:

* strengthen the autonomy of the Public Revenue Secretariat General
* replace the single property ownership tax (ENFIA) with a tax on large property
* abolish early retirement schemes
* modernize a revenue collection code
* streamline transactions between the state and taxpayers
* promote out-of-court settlement deal on non-performing loans
* improve more efficient court legislation
* improve the Hellenic Statistical Authority (ELSTAT) making it more efficent and independent

Furthermore, the government will examine previous reforms pledges that cover public administration, the bankruptcy code as well as the professional and services markets. An investment program in cooperation with the European Investment Bank is recommended as well as the creation of a bad bank for non-performing loans. The government plans to use the 10.9 bln euros cushion of the Hellenic Financial Stability Bank.