The extensive list of austerity measures, including crippling pension cuts and major tax rises, could devastate the stricken Mediterranean country already on its knees as it is scrambles to meet strict requirements.
Athens is desperately trying to repay €6 billion of debt by a July deadline to meet bail out criteria.
This will bring the total eurozone disbursements for Greece to a staggering €181billion since 2010.
Creditors have demanded actions including reforms in personal income tax, delivering net savings of one per cent of GDP, increase in social security contributions for self-employed, further cuts in health care and social welfare, along with more expenditure cuts in the public sector.
The elimination of low-pensioners poverty allowance (EKAS) will go forward with cuts worth €570million in 2017, €808 million in 2018 and €853 million in 2019.
The 53-page draft preliminary agreement lists the following measures to be adopted by Athens, saying: “The streamlining of welfare benefits and the abolition of tax expenditures based on the recommendations of the social welfare review, yielding 259 million EUR in 2018.
“The rationalisation of healthcare spending supported by subjecting certain additional categories of expenditure to the closed budget framework and the reduction of the claw-back ceilings, yielding 125 million EUR in 2017 and 188 million EUR cumulatively in 2018.”
Greece has also been ordered to “address and eliminate half (€125million) of the recent overspending on ‘other items’” in the health care budget.
Sunday trading will also be liberalised.
Athens and its creditors reached a deal on a package of reforms required to release the next tranche of Greece’s €86billion-bailout programme last week.
Eurozone finance ministers will be required to sign off the deal during a meeting on May 22.
The agreement also follows months of wrangling between Greek finance ministers and bail-out monitors from the bloc and International Monetary Fund (IMF).
Greek Prime Minister Alexis Tspiras has previously warned Athens will not implement legislated reforms, unless agreements are followed up by a deal on debt relief.
The stricken Mediterranean country remains the biggest threat to the future of the EU despite seven years of gruelling recession and austerity imposed from Berlin and Brussels.
Austerity measures have plunged Greece into crisis with huge job losses and billions of euros cut from budgets.
And Greece’s crumbling position has raised fears that the country could still collapse, dragging the Euro currency down with it.