The Financial Times published a copy of the latest list of reforms proposals by the Minister of Finances Yanis Varoufakis, which includes a provision of a primary surplus of 3.1% to 3.9%, while the country’s funding needs after the measures are estimated to be about 19 billion euros.

In the latest proposals, the Ministry of Finances argues that without taking any measures or interventions, the primary surplus for 2015 will be 1.2%. The measures proposed by Mr. Varoufakis may yield 4.7 to 6.7 billion euros, depending on the estimations, not including any privatizations (1.5 to 1.6 billion euros).

The 26-page list includes a series of measures aimed at tackling corruption and tax fraud. About 875 million euros can be generated by auditing capita transfers of offshores and a further 500 million euros can be collected from VAT, by introducing a lottery system related to receipts.

According to the introduction to the list, its main goal is “to unlock short-term financing that will permit the Greek government to meet immediate obligations and to meet the stipulations of the European Central Bank so that Greek government bills may again be issued to Greek banks and rediscounted at the ECB”.

Nevertheless, certain measures, particularly in labor and pensions, are expected to be dealt with skepticism by the institutions. The main measures proposed include the following:

  • Intensification of audits on lists of bank transfers and offshore entities: 725 to 875 million euros
  • Combating illegal trade on oil, tobacco and alcohol: 250 to 400 million euros
  • Enforcement of transfer pricing legislation: 40 to 60 million euros
  • Introduction of a VAT lottery scheme: 270 to 600 million euros
  • Fight against VAT fraud: 250 to 420 million euros
  • Improvement of the state revenue collection mechanism: 225 to 235 million euros
  • Luxury tax: 20 million euros
  • Tax evasion by self-employed business/professionals: 20 to 30 million euros
  • Implementation of TV advertisement tax legislation: 50 to 70 million euros
  • Regulation of e – gaming (gambling): 125 to 175 million euros
  • Public tender/auctions for TV licenses: 350 to 380 million euros
  • Merging social security institutions: 10 million euros
  • Improve regulation settlement for debts: 300 million euros
  • Utilization of remaining assets of social security: 50 million euros
  • Reinforcement of public control mechanism: 150 to 300 million euros


The full, 26-page list of reform proposals is available online.