The creditors require from Greece to sell the assets and cut pensions05.06.2015

Greece creditors demanded that Athens promised to sell state assets, cut pensions and carry out unpopular labor reforms, said on Thursday sources that are familiar with the situation.

In a five-page document submitted to the Prime Minister of Greece, Alexis Tsipras, in Brussels, on Wednesday, the creditors, consisting in the European Union and International Monetary Fund, have asked Athens to reduce the cost of pensions by 1 percent of GDP, the source said. They also demanded that Athens attracted 1.8 billion euro - that is 1 percent of GDP - by raising the value added tax on a number of products - from medicines to electricity.

Lenders also want Greece abolished the privileges for pensioners on low incomes to save 800 million euro in 2016, and if the proposal is accepted, Tsipras will have to break a promise to avoid new pension cuts.

Furthermore, according to the proposal of the creditors, Athens must promise to privatize the network operator ADMIE, several major ports, telecom OTE and several other companies in exchange for aid.

If this proposal is adopted, the EU and the IMF intends to allocate 10.9 billion euro from the fund EFSF, to meet the needs of Greece in July and August, the sources added.

At the same time the chairman of the Eurogroup, Jeroen Dijsselbloem, said that the differences between Greece and its creditors "is still quite high," and that Athens is likely to present an alternative proposal in the coming days.

He added that Greece runs the risk of making an agreement impossible, if it excludes too many reforms.

The President of the European Commission, Jean-Claude Juncker said on Thursday that talks with Greece made some progress, but not enough. Juncker met with Tsipras late on Wednesday.

"We have made some progress last night, but unsatisfactory," - he said, speaking at a seminar of the European center of political strategy.

He said that other institutions representing the international creditors of Greece - The EU and the IMF - were not present at the meeting.