EU and IMF want more Greek spending cuts: media

(ATHENS) - The EU and IMF want more cuts in Greek public spending and pensions, hikes in taxes and labour market reforms in exchange for further bailout funding, Greek media reported Friday.

Dubbed the "10 commandments" by several Greek media outlets, the actions are reportedly preconditions for receiving any of the 130 billion euros ($170 billion) the eurozone promised Athens in principle last October.

The conditions were listed in a 10-page document that Greek Prime Minister Lucas Papademos gave to his ministers at a meeting on Thursday.

The Greek state should make an additional 2.2 billion euros in spending cuts this year to compensate for not hitting agreed targets for 2011, which Greek media said the government would likely find in defence spending.

The EU and IMF also want cuts in state and private pensions, reforms in labour regulations to allow private employers more flexibility on wages and jobs, and cutting more public sector jobs cuts.

They also want the Greek state, which will gain shares in banks as part of a recapitalisation to funded by the bailout if a writedown of Greece's debt with private creditors is reached, to receive non-voting preferential shares.

The Greek government has previously insisted on receiving ordinary voting shares.

According to the semi-official Ana news agency, Papademos indicated that the negotiations on the second bailout should be wrapped up by February, the same day the EU and IMF want a deal concluded on a debt writedown.

The writedown of private debt aims to lop 100 billion euros off Greece's total debt of over 350 billion.