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Greece Submits New List of Bailout Reforms to Europe ChiefsGreeces new government has cleared the first of whats likely to be many hurdles as it tries to buy time for its plans to get the country out of its economic mess. Jeroen Dijsselbloem, the Dutch finance minister who chairs the Eurogroup committee of Treasury heads, said he had received, on time, a list of planned reforms that Greece wants to replace the less palatable aspects of the countrys 240 billion bailout plan, and that it seemed likely to be an adequate basis for further negotiations. Getting the list to Brussels by close of business Monday was the first condition of a deal struck Friday which will keep the current program alive, ensuring that neither the government nor Greek banks will run out of money in the near term. The list of proposals sent by Finance Minister Yanis Varoufakis contains more general principles than concrete measures, most of which can be summed up in its final sentence promising that its fight against the humanitarian crisis has no negative fiscal effect in other words, putting the bailouts budget targets before its election promises to spend lavishly on those worst hit by the crisis. Get The Brief. Sign up to receive the top stories you need to know right now.     Thank you! For your security, we've sent a confirmation email to the address you entered. Click the link to confirm your subscription and begin receiving our newsletters. If you don't get the confirmation within 10 minutes, please check your spam folder.   The list also appears to back down on key demands made by the creditors on issues like value-added tax and pension reform. It also outlines ambitious plans to crack down on tax evasion and smuggling and to close loopholes in the system, in an effort to redistribute more of the tax burden to big companies and richer individuals. It also commits not to roll back privatizations that have already been completed, and to phase in a new smart approach to wage bargaining, essentially opening the door to firm-by-firm agreements that the creditors insist are key to making the countrys labor market work better. Greeces jobless rate of 25.8% (as of December) is the highest in Europe, after a five-year recession that destroyed a quarter of the countrys economy. Plans for an immediate and sharp increase in the minimum wage have also been dropped, replaced by another phased in suggestion.  Dijsselbloem said the Eurogroup would hold a conference call later Tuesday at which it would discuss whether to accept the proposals as a basis for negotiations. The proposals were greeted with approval in Germany, Greeces largest creditor in the Eurozone. Vice-Chancellor Sigmar Gabriel was quoted by Reuters as saying he was cautiously optimistic that we aremoving step by step to a solution of the conflict, while Finance Minister Wolfgang Schuble asked parliament to approve Greeces request for a four-month extension to the program, in line with Fridays deal.  Greeces stock and bond markets reacted joyously to the news, with the benchmark stock index rising 7.2% and the risk premiums on Greek government and bank debt tumbling. The yield on the governments five-year bond fell by over two percentage points from over 14% to 12.12% by lunchtime in Athens. Spotlight Story Kobe Bryant Had a Singular Impact on His Game and the World Bryant died in a helicopter crash near Los Angeles on Sunday, along with his daughter Gianna Not quite everybody was happy, however. The governments proposal to crack down on public procurement processes is bad news for companies that have done well out of the existing system. Shares in Dromeas SA, the countrys largest maker and seller of office furniture, fell 8.5% as Varoufakis took aim at non-salary and non-pension spending which account for an astounding 56% of total public expenditure, the letter noted. This article was originally published on Fortune.com Contact us at editors@time.com.
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