Greek government says budget proposals 'exceed' creditor demands

Greek Prime Minister Alexis Tsipras on Monday said Greece had offered proposals to balance the budget in 2015 and 2016 based on the primary surplus targets desired by creditors that "exceeded" the lenders' objectives.

In a letter to European Commission chief Jean-Claude Juncker, seen by AFP, Tsipras states that to achieve the desired primary surplus of one percent of annual gross domestic product (GDP) in 2015 and two percent the following year, Greece has set itself the target of taking fiscal measures worth 1.51 percent and 2.87 percent of GDP in 2015 and 2016 -- slightly more than creditors have asked for.

So "the prescribed objectives have been exceeded", the letter said.