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Greece debt crisis: Eurozone receives economic reform plan Greece debt crisis: Eurozone receives economic reform plan
(35 minutes later)
The Greek government has submitted proposals for economic reforms in an effort to secure a further bailout from its international creditors. The Greek government has submitted economic reform proposals to try to secure a further bailout from its creditors, eurozone officials say.
Eurozone officials received the plan late on Thursday, two hours before a midnight deadline. They will now study it ahead of EU meetings at the weekend. They say they received the plan late on Thursday - just two hours before a midnight deadline. They will now study it ahead of EU meetings at the weekend.
Greece's lenders had demanded tax and pension reforms in return for funds.Greece's lenders had demanded tax and pension reforms in return for funds.
The indebted country needs a third bailout to avoid a default and a possible exit from the euro.The indebted country needs a third bailout to avoid a default and a possible exit from the euro.
'No capitulation'
Greece's Prime Minister Alexis Tsipras spent Thursday seeking agreement on the reforms from his government partners.Greece's Prime Minister Alexis Tsipras spent Thursday seeking agreement on the reforms from his government partners.
Mr Tsipras's proposals will be considered by eurozone finance ministers on Saturday, and by EU leaders at a summit in Brussels on Sunday. On Friday, the Greek parliament will vote on Mr Tsipras's proposals. The plan will be then considered by eurozone finance ministers on Saturday, and by EU leaders at a summit in Brussels on Sunday.
The Greek government will also seek parliamentary approval for the reform package.
Greek voters decisively rejected previous austerity proposals from the country's lenders in a referendum on Sunday.Greek voters decisively rejected previous austerity proposals from the country's lenders in a referendum on Sunday.
According to reports in the Greek media, the measures submitted on Thursday evening involve tax rises and spending cuts worth more than 12bn euro - more than those rejected in the referendum. According to Greek media reports, the measures submitted on Thursday involve tax rises, pension reforms, privatisation and spending cuts.
Greek banks have been closed for nearly a fortnight with limits placed on cash withdrawals. Reforms rejected in the referendum will now be also conceded, the BBC's Chris Morris in Brussels reports.
But this is no capitulation by Mr Tsipras, who is asking for far more in return than was on offer last month, our correspondent says.
Greece is seeking a new three-year bailout and a restructuring of its huge debt burden.
Earlier on Thursday, European Council President Donald Tusk said creditors would need to respond to Greece's reform plans with a "realistic proposal on debt sustainability".Earlier on Thursday, European Council President Donald Tusk said creditors would need to respond to Greece's reform plans with a "realistic proposal on debt sustainability".
Mr Tusk's comments could be seen as supporting calls to reduce Greece's debt burden.Mr Tusk's comments could be seen as supporting calls to reduce Greece's debt burden.
But the German Chancellor Angela Merkel ruled out debt reduction, saying she was against "the classic haircut".But the German Chancellor Angela Merkel ruled out debt reduction, saying she was against "the classic haircut".
Greek banks have been closed for nearly a fortnight with limits placed on cash withdrawals.