Greece submits eleventh-hour reforms list to secure bailout extension

Greece submitted a list of economic reforms in the nick of time on Monday for European leaders to approve as part of its request for a four-month bailout extension.

The proposals, which include efforts to crack down on tax evasion and corruption, were sent to the International Monetary Fund, the European Commission and the European Central Bank just before the midnight deadline.

The draft reforms are a necessary condition for the Troika to approve a provisional deal agreed last week to extend Greece’s €172bn aid package until June. The current bailout is due to expire on 28 February.

An official at the European Commission said the list was “sufficiently comprehensive to be a valid starting point for a successful conclusion of the review”.

Meanwhile, Eurogroup president and Dutch finance minister Jeroen Dijsselbloem said he was “very confident” following Athens’ letter.

“The Greek government has been very serious, working very hard the last couple of days. We need it to be strong enough to work on the next couple of months. I am always optimistic.”

The Athens stock market exchange's benchmark index was up by over 6% early on Tuesday, while the yield on three-year Greek bonds had dropped 150 basis points.