The European Commission on Monday revealed details of the proposals presented to Greek authorities by the institutions - the European Commission, European Central Bank and International Monetary Fund - after "eleventh-hour" talks between Greece and the institutions failed to clinch an agreement at the weekend.
Annika Breidthardt, a spokeswoman for European Commissioner Pierre Moscovici, denied some of the claims made in Athens and defended the package of proposals, saying it was "substantial, valid and made full economic sense."
"The proposals meet the needs of the Greek people, the Greek government, but also of the other 18 (euro zone) member states," she added.
Giving details of the targets set for Greece, she said said these were focused in five areas, starting with a commitment to achieve a primary surpluses of 1 pct of GDP in 2015, 2 pct of GDP in 2016 and 3.5 pct of GDP until 2018.
The proposals also called for tax reforms, with an independent body for tax and customs administration and to fight tax evasion, measures to shore up the financial system by dealing with non-performing loans, growth-oriented reforms to open up markets and modernise the labour market, and, lastly, an overhaul and modernisation of the public sector.
Breidthardt underlined that the fiscal targets demanded of Greece in 2015 had already undergone significant downward revision to 1 pct of GDP - rather than 3 pct of the original plan - and 2 pct in 2016 from the initial 4.5 pct. "This is a huge concession," she added.