On Wednesday’s Eurogroup critical meeting the Greek government will place a five-point package forward, aiming to reach an agreement by the following Eurogroup on February 16 and make the necessary time by the end of August to draft a new contract that would replace the memorandum, as sources at the Finance ministry said on Monday. According to the ministry’s sources, the Greek proposal substantiates for a 

bridge agreement until the end of August and from September 1st to have a final contract between Greece and its partners. Also, the 30 pct of “toxic” commitments of the memorandum, such as a dismantling of the labour market, to be replaced by 10 reforms recommended by the Greek government in cooperation with the OECD. These reforms however will not include a reform of the pension system.

The proposal further includes the changing of targets for primary surpluses, starting this year. The government believes that a target for a budget primary surplus of 3.0 pct of GDP in 2015 was not realistic and must be reduced to 1.5 pct of GDP. Also, the beginning of negotiations on the country’s public debt through a swap menu and the immediate dealing with the humanitarian crisis in the country.