Greece Told To Change Spending, Tax, Wage Policies

European creditor countries have demanded 38 specific changes to Greek tax, spending and wage policies by the end of this month, the Financial Times reported Thursday on its website, citing documents obtained by the newspaper.

The reforms were spelled out in three memoranda with a combined 90 pages, and are Greece's price for a EUR130 billion ($173.4 billion) second bailout plan, the newspaper said.

It said the changes range from overhauling judicial procedures and centralizing health insurance to changing the way drugs are prescribed and setting minimum crude oil stocks.

"The program is much, much more ambitious than economic reform," the report quoted Mujtaba Rahman, Europe analyst at the Eurasia Group risk consultancy, as saying. "This is state building, as typically understood in traditional low-income contexts."