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Greek Prime Minister Mr. Alexis Tsipras is set to meet European Commission's president Mr. Jean Claude Juncker in Brussels where he will be presented with final proposals by creditors.
According to sources familiar, creditors are going to much compromised target plans for Greece.
- Greece will need to post a primary budget surplus of 1% of GDP this year, 2% for next year, which will rise to 3.5% in 2018.
The primary budget surplus -- government revenues minus expenses, without counting the interest payments on debt. Higher the number means tougher the austerity Greece will need to pursue.
- These numbers are significantly lower than the current bailout program in which Greece needs to achieve 3 per cent primary surplus this year and 4.5 per cent next year.
According to sources, the proposal doesn't include any hints of debt write-offs or restructuring which IMF have been pushing for, as it still has doubts that Greece will not be able to achieve the numbers in new proposal given its economic condition.
Greek stock and bonds stand ready to soar along with Euro if Greek deal gets finalized.
Euro is currently trading at 1.108 against dollar.
