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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 economic reform proposals to try to secure a further bailout from its creditors, eurozone officials say.The Greek government has submitted economic reform proposals to try to secure a further bailout from its creditors, eurozone officials say.
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.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''No capitulation'
Greece's Prime Minister Alexis Tsipras spent Thursday seeking agreement on the reforms from his government partners. Jeroen Dijsselbloem, the head of the 19-member eurozone group of finance ministers, confirmed that he had received the Greek proposals.
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. Earlier, Greek Prime Minister Alexis Tsipras spent the day seeking agreement on the reforms from his government partners.
On Friday, the Greek parliament will vote on Mr Tsipras' proposals. The plan will be then considered by eurozone finance ministers on Saturday, and by EU leaders at a summit in Brussels on Sunday.
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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 Greek media reports, the measures submitted on Thursday involve tax rises, pension reforms, privatisation and spending cuts.According to Greek media reports, the measures submitted on Thursday involve tax rises, pension reforms, privatisation and spending cuts.
Reforms rejected in the referendum will now be also conceded, the BBC's Chris Morris in Brussels reports. These include:
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. Although reforms rejected in the referendum will now be conceded, this is no capitulation by Mr Tsipras, the BBC's Chris Morris in Brussels reports.
Greece is seeking a new three-year bailout and a restructuring of its huge debt burden. He is asking for far more in return than was on offer last month, our correspondent adds. Greece is reportedly seeking €53.5 as part of a new bailout package and 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".
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European Stability Mechanism explained
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.Greek banks have been closed for nearly a fortnight with limits placed on cash withdrawals.
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