BRUSSELS — Greece has increased its targets for primary surplus in an updated proposal sent to its international creditors, three European officials said Tuesday, in an effort to unlock an impasse in negotiations over the country’s bailout program.
The European Commission confirmed it has received new proposals from the Greek government but said the lenders — the International Monetary Fund, the European Central Bank and other eurozone countries — now need time to study them.
“Diverse proposals are being circulated including new suggestions which were received earlier this morning,” said Margaritis Schinas, a spokesman for European Commission President Jean-Claude Juncker. “The three institutions are currently assessing these suggestions with diligence and care.”
One of the Greek proposals, according to the three officials, focuses on fiscal targets, and describes measures to generate revenue. It calls for primary surpluses — the excess of revenues over expenditures before interest payments are made — of 0.75% of gross domestic product in 2015, 1.75% in 2016 and 2.5% of 2017.
These are lower than what Athens’ creditors were calling for in their proposal, but higher than what Greece had originally proposed, in an apparent attempt to bridge the gap between the two sides.
An expanded version of this report appears on WSJ.com.
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