The Greek government will discuss a bridge programme at the extraordinary Eurogroup meeting on Wednesday (February 10); the programme will lead to a new contract with Greece’s creditors that would come into force in September and will change the economic policy mix foreseen by the memorandum.

The government’s proposals foresee that 30% of the memorandum be replaced with 10 new reforms agreed with the Organization for Economic Cooperation and Development (OECD); Greece’s primary surplus target of 3% of GDP for this year to be reduced to 1.49%; the Greek debt to be reduced through a swap plan and finally, Greece’s humanitarian crisis to be eased.

As regards financing, Greece requires the € 1.9 billion in profits from the Greek bonds held by the Eurosystem, some €8 billion above the €15 billion limit in T-bills and a flexible Emergency Liquidity Assistance (ELA). It also demands Hellenic Financial Stability Fund’s €11 billion reserves, for resolving a problem of non-performing loans. Finally, it requires a further portion of a pending € 7.2-billion loan tranche to be drawn if required.