Greece proposes tax hikes, spending cuts, pension reforms

A pro-Euro demonstrator holds a European Union flag during a rally in the northern Greek port city of Thessaloniki, Thursday, July 9, 2015. Hopes that Greece can get a rescue deal that will prevent a catastrophic exit from the euro rose on Thursday, after key creditors said they were open to discussing how to ease the country's debt load, a long-time sticking point in their talks. (AP Photo/Giannis Papanikos)

By Associated Press July 10, 2015 4 min read

BRUSSELS (AP) – Greece has submitted a 13-page set of proposals to its European creditors that is intended to act as a foundation to free up a new three-year, 53.5-billion euro bailout package to save the nation from bankruptcy. Here are the main points of the package that the Greek parliament will debate Friday.

BUDGET TARGETS:

The Greek government is pledging to stick to primary surplus targets – meaning that the government is earning more in taxes than it is spending – of 1 percent this year, 2 percent in 2016, 3 and 3.5 percent in 2017 and 2018 respectively.

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