With the crisis reaching a climax that could have dire consequences for the global economy, the proposals from Athens landed in Brussels less than two hours before a midnight deadline.
Eurozone officials will now study the details of the plan — which creditors say must include pension and tax reforms — before a make-or-break summit of all 28 European leaders on Sunday.
“New Greek proposals received by Eurogroup president Jeroen Dijsselbloem. Important for (creditor) institutions to consider these in their assessment,” said Michel <g data-gr-id="41">Reijns</g>, a spokesman for the head of the eurozone finance ministers.
The left government of Greek Prime Minister Alexis Tsipras had spent the day huddling in Athens to produce a plan acceptable to its partners, especially sceptical Germany, in return for billions of euros in loans to keep the country afloat. Details of the new plan were not immediately available. But there was growing pressure for the eurozone to ease Greece’s crushing 320-billion-euro ($350-billion) debt burden as part of any plan.
EU President Donald Tusk said Greece’s creditors must make a “realistic” proposal for managing the debt if Athens delivers a workable programme, echoing similar calls by the IMF and <g data-gr-id="42">USA</g>. Greece’s parliament is now set to vote on the reform plan. Anti-bailout protesters have been gathering in central Athens.
Meanwhile, Fresh Greek reform proposals submitted to eurozone partners were cheered by France and Italy on Friday, raising hopes that a last-ditch compromise could be reached to prevent a dreaded “Grexit”. The plan handed to eurozone partners by Prime Minister Alexis Tsipras’s administration just two hours before a midnight deadline will be submitted to lawmakers in Greece for a vote.
The heads of the EU, IMF and European Central Bank were also to discuss the package later before a critical meeting of eurozone finance minister on Saturday.
Tsipras has conceded ground on major sticking points including tax and pensions, drawing encouragement from France and Italy - and a terse, neutral response from the normally <g data-gr-id="36">hardline</g> Germany.
A make-or-break summit bringing together leaders of all 28 EU nations, not just the 19 that use the euro, is scheduled for today, but might not be needed if an agreement is reached beforehand.
Eurozone countries must decide whether to accept Greece’s reform plan in exchange for another huge bailout - its third in five years - amounting to tens of billions of euros, or force a “Grexit” from the <g data-gr-id="45">eurozone</g>.
“We have to make a major decision. Whichever way,” said Jeroen Dijsselbloem, head of the Eurogroup of eurozone finance ministers. He said the plan was being evaluated.
In a bid to head off a possible challenge to the measures within his hard-left party Syriza, Tsipras urged his lawmakers “to stand united and firm in front of these important decisions.”