What did Greece just sign up for?

What is it going to cost Greece for a potential $96 billion bailout?

In general, Athens must raise taxes, revamp its pension system and find several different ways of making the government more efficient, more accountable and cheaper to run.

Specifically, Greece must do the following:

1 Continue to seek support from the International Monetary Fund, which has demanded austerity measures for Greece since its first debt package in 2010.

2 Increase government revenue by widening its tax base. Greece has a large underground economy and collects 34% of GDP — less than the European average 40.1% of GDP, according to Eurostat.

3 Make changes, some by Wednesday, to its pension system. In 2012, Greece spent 17.5 % of GDP on pensions, more than any other eurozone country. Ireland, by contrast, spent 7.3% of GDP on pensions that year.

4 Ensure that its national statistics agency is fully independent so creditors know what Greece is reporting about its economy and financial system is accurate.

5 Establish automatic cuts in public spending that kick in if Greece misses its budget targets.

6 Lower the costs for operating courts and the justice system.

7 Reduce the red tape on a range of industries, from pharmaceuticals to bakeries. 8 Privatize

the country’s electricity grid operators. 9 Align the power of local unions and collective bargaining with Europe-wide standards.

10 Introduce more aggressive oversight of its banking system and bad consumer loans.

11 Create a $56 billion fund, partly privatized, for Greek assets to generate revenue and pay down new loans.

12 Decrease government spending by cutting bureaucracy and modernizing systems.

13 Consult with its creditors — the International Monetary Fund, European Central Bank and eurozone countries — on any overhaul legislation before it is made public or presented to parliament.

14 Re-examine commitments made in February as part of its financial aid received then.