Steps Greece needs to take as part of euro zone deal

The country needs to cut back on pensions, privatise assets, implement tax reforms

Euro zone leaders set conditions on Monday for Greece to negotiate a third bailout to keep the near-bankrupt country in the euro zone.

Following is a summary of the leaders' statement.

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* Greece will request continued IMF support from March 2016.

* Greece to pass by July 15 measures including simplifying VAT rates and applying tax more widely, cutting back on pensions and making the national statistics agency independent.

* Greece to pass by July 22 measures overhauling its civil justice system and implementing EU bank bail-in rules.

* Greece to set clear time table for following measures:

- ambitious pension reform;

- product market reform including Sunday trading, pharmacy ownership, milk and bakeries;

- privatise electricity transmission network;

- review collective bargaining, industrial action and collective dismissals;

- strengthen financial sector, including action on non-performing loans and eliminate political interference.

* Greeks shall also take the following actions:

- privatisation, involving transfer of assets to independent fund in Greece designed to raise 50 billion euros, three-quarters of which would be used to recapitalise banks and to decrease debt;

- cut costs of public administration and reduce political influence over it. First proposal to be provided by July 20.

- ensure creditor approval for key legislation before submitting to public consultation or parliament.

The above-listed commitments are minimum requirements to start the negotiations with the Greek authorities.

* Financing needs are 82-86 billion euros. Decision on new package urgently required given financing needs of 7 billion euros by July 20 and further 5 billion euros by mid-August.

* A possible new ESM programme would have to include a 10-25 billion euro buffer for banks.

* Possible debt reprofiling but no nominal haircuts.