The political climate in Brussels may be positive towards the Greek side after the latest proposal submission — or so the early afternoon ‘spin’ held — nevertheless government sources later in the afternoon switched gears and attempted to keep expectations low.

The same sources close to the prime minister’s office reiterated that the Greek side seeks a medium-term financing of the country, as well as an end to uncertainty over tranche repayments.

The government, however, will provide no detail on proposed changes. What they will say is that its positions remain unchanged on not burdening lower and middle classes, and the absence of hiking VAT on the restaurant and hospitality sector, increasing retirement age limits or forcing a zero deficit clause.

Of course, one of the measures contemplated by the radical leftists is a “solidarity tax” on families making more than 30,000 euros (gross) a year, which isn’t very “middle class friendly”, while the “zero deficit” clause is a demand by creditors that supplementary pension funds without the necessary reserves not pay out monthly stipends. The “solidarity tax” is forecast to slap middle class households with an additional burden of between 0.7 and 1 percent in income tax. Of course, certain castes of self-employed professionals who don’t issue receipts will find themselves under the 30K limit…

The same sources state that the government now waits for a “response” from the side of the lenders. The latter seem to be asking for time to discuss the proposals amongst them. Thus tonight’s Summit is “up in the air”.