Creditors favour Greece's new economic measures

Greece is in line for an extension of financial aid after the head of the group of euro-region finance ministers said creditors were more favourable toward the government's package of new economic measures.

The list of commitments, submitted minutes before the midnight deadline yesterday, included maintaining current state-asset sales, consolidating pension funds to cut costs and a tax collection revamp and administration, according to draft obtained by Bloomberg News.

The list is being assessed by the European Commission, the European Central Bank and International Monetary Fund, before moved to finance ministers.

They would provide finance ministers with a first view as to whether these were sufficiently comprehensive to be a valid starting point for the successful conclusion of the review, according to Dutch finance minister Jeroen Dijsselbloem, who chairs meetings of his euro-area counterparts.

Dijsselbloem was speaking at a European Parliament committee meeting in Brussels. He said his first impression was that they were quite positive.

Meanwhile, The Wall Street Journal reported an EC official as saying today that  in the commission's view, the list was sufficiently comprehensive to be a valid starting point for a successful conclusion of the review, as called for by eurozone finance ministers.

He added the commission was notably encouraged by the strong commitment to combat tax evasion and corruption.

He added further specification of the reforms was expected to be provided and agreed before the end of April.

A letter from Greek finance minister Yanis Varoufakis was sent to Dijsselbloem,  who presided over the talks among his eurozone counterparts, and the so-called troika of the commission, the ECB and the IMF shortly before midnight, according to three European officials.

According to commentators this meant Athens had submitted the list in time, despite an announcement by the Greek government last night that it would not send the measures until this morning.