Before and After the Vote: Comparing Greek Debt Deals

2015-07-10T154008Z_601250204_LR2EB7A17IK58_RTRMADP_3_EUROZONE-GREECE
Greek Finance Minister Euclid Tsakalotos attends a parliamentary session in Athens, Greece, July 10, 2015. Alkis Konstantinidis/Reuters

(Reuters) - Greek Prime Minister Alexis Tsipras proposed new reforms in exchange for a three-year loan on Thursday, just four days after voters backed him in rejecting terms offered by creditors on June 25 for a four-month extension to Greece's bailout package.

Many of his proposals resemble those offered two weeks ago. Here is a selection of comparisons in key areas:

PRIMARY FISCAL SURPLUS

June 25: Primary budget surpluses of 1, 2, 3 and 3.5 percent in 2015, 2016, 2017, 2018

July 9: The same, but saying the path to 3.5 percent in 2018 to be determined in discussion with institutions.

VALUE-ADDED TAX

June 25: 23 percent VAT on restaurants and hotels.

July 9: 23 percent VAT on restaurants, 13 percent on hotels (same as proposal made by EU Commission on June 26)

June 25: Total elimination of tax discounts for islands

July 9: Eliminate island discount "starting with the islands with higher incomes and the which are most popular tourist destinations, except the most remote ones".

PENSIONS

June 25 and July 9: Very similar, including reducing early retirement, statutory pension age of 67 by 2022. Phasing out EKAS pension supplement by end-2019, though in July 9 richest 20 percent of EKAS recipients to lose it from March 2016 not now.

Pension cuts to save 1 percent of GDP from next year.

CORPORATION TAX

June 25: Raise to 28 percent from 26 percent

July 9: Raise to 28 percent from 26 percent in 2016

DEFENSE SPENDING

June 25: Reduce military spending ceiling by 400 million euros with targeted action to cut headcount and procurement

July 9 : Reduce ceiling by 100 million euros in 2015 and 200 million in 2016, reducing headcount and procurement.

LABOR MARKET

June 25: Review collective bargaining, industrial action procedures with ILO in line with best practices in Europe.

July 9 : Review collective bargaining, industrial action procedures with ILO in line with best practices in Europe.

PRIVATIZATION

June 25: Sales to raise 1.4, 3.7 and 1.2 billion euros in 2015, 2016 and 2017 respectively. Sell all assets held in state privatization fund and transfer OTE telecom firm to the fund.

July 9: No mention of target revenue. But all assets of privatization fund to be sold and transfer OTE shares to fund.