Deadline looms for Greek reforms

Dhara Ranasinghe
Greek bailout extension: Game's not over yet
Greek bailout extension: Game's not over yet

Greece on Tuesday will submit a list of fiscal reforms to euro zone finance ministers, missing a Monday deadline that was part of its last-minute deal to extend its financial aid, Reuters reported, citing a government official.

The official did not provide a reason for the late submission, but said that the Eurogroup had agreed to accept the reforms on Tuesday. Finance ministers will receive the list Tuesday morning and a teleconference will take place in the afternoon, Reuters said.

Athens will include policies to fight tax evasion and corruption, as well as measures designed to cut bureaucracy and reform the public sector, Reuters said. Measures will also seek to stop the issuance of bad loans and the foreclosure of primary homes.

After signing a deal on Friday, Greece had been scrambling to put together reform proposals in an effort to secure a much-needed extension of its bailout. Greece's left-wing government, led by Prime Minister Alexis Tspiras, received a lifeline Friday when the Eurogroup of euro zone finance ministers agreed to extend the country's financial aid by four months.

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Under that deal, Greece must present a list of reforms to be approved by the so-called "troika," comprising the European Central Bank, International Monetary Fund and European Commission. Euro zone member states will then need to ratify the bailout extension.

Greek Prime Minister Alexis Tsipras.
Angelos Tzortzinis | AFP | Getty Images

Some analysts said the reforms that the Greek government is likely to present may well clash with Germany's push for further fiscal measures to get Greece's budget deficit under control. Greece's debt is a 175 percent of its gross domestic product.

"Anything that Greece proposes today, no matter how ambitious, will be second guessed as far as Berlin is concerned," said Nicholas Spiro, managing director at Spiro Sovereign Strategy in London.

"The Greek government is determined to introduce genuine structural reforms and be more ambitious, while Germany is focused on the fiscal side."

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The deal reached on Friday with euro zone negotiators buys Athens more time to secure a long-term deal.

While euro zone members Ireland and Portugal have exited bailouts, Greece still requires financial aid. To date, its bailout has totaled 240 billion euros ($272 billion).

This means that months of wrangling over Greece's bailout remain likely, analysts warned.

"Greece and the European authorities have bought themselves more time but I don't think this game is over yet," Huw Pill, chief European economist and co-head of the economics team at Goldman Sachs, told CNBC.

"We still have a few 'T's to cross and 'I's to dot. It's very likely that we will see an extension for four months and some flexibility on the fiscal side with a new program of reforms being developed."

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He added that negotiation were likely to return to the headlines in the late spring or summer, as the current bill doesn't cover a number of large payments due in July and August.

--Reuters contributed to this report.