The Greek government has submitted proposals for economic reforms as it attempts to secure a further bailout from its creditors, the spokesman for the Eurogroup chairman said on Thursday night, Anadolu Agency reported.
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Michel Reijns, the spokesman for Eurogroup President Jeroen Dijsselbloem, said in a tweet on Thursday that the eurozone has received the new bailout reform plan from Greece less than two hours ahead of a midnight deadline that has been set for such a proposal.
Friday afternoon: The Greek parliament will examine Tsipras’s reform proposal and vote on the measures late in the evening.
But Tsipras faces headwinds from lawmakers within his own Syriza party opposed to harsh austerity measures, so the premier may have to look for backing outside his ruling coalition.
“We don’t want add to the past two failed bailouts a third bailout of tough austerity, which will not give any prospects for the country”, Energy Minister Panagiotis Lafazanis told reporters.
Failure to reach a deal tomorrow, including releasing some money to enable Athens to cover debt service over the next few weeks could lead to a collapse of Greek banks next week.
Here are the key events to watch as Greece scrambles to stay in the eurozone.
“Greece is not facing execution, it is not ready to accept any fait accompli”, he said.
The three-year loan would enable Greece to cover its debt obligations, the Greek finance ministry said, preventing it from defaulting and ensuring it does not have to drop out of the euro.
The proposals will be evaluated by officials from Greece’s global creditors, before being scrutinized by the eurozone finance ministers on Saturday.
They were then discussed by the cabinet in Athens before being submitted to the Eurogroup and Greece’s creditors, the global Monetary Fund, European Commission and European Central Bank.
European Union leaders are due to meet with Greece on Sunday to go over the plans, which French President Holland has called “serious and credible”.
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Greece’s banks are still closed and the €60 (£43; $66) daily limit on cash machine withdrawals for Greeks, imposed on 28 June, remains in force.
