The eurozone has received new bailout reform plans from Greece, a spokesman for Eurogroup chief Jeroen Dijsselbloem has said, less than two hours ahead of a midnight deadline.
The news was announced by spokesperson Michel Reijns in a tweet.
New Greek proposals received by #Eurogroup president @J_Dijsselbloem, important for institutions to consider these in their assessment
— Michel Reijns (@MichelReijns) July 9, 2015
"The Greek proposal... includes funding of the country's financing needs... for three years, debt adjustment and a front-loaded investment package of €35 billion," a government source said.
Leaders of the 19-country single currency area gave Prime Minister Alexis Tsipras the deadline at an emergency summit on Tuesday, warning that failure to comply risked Greece's place in the euro.
Greeks overwhelmingly voted in a referendum on Sunday to reject previous austerity demands from international creditors in exchange for a new aid programme to replace the one that expired on 30 June.
Greece needs money to reopen its banks which have been closed for nearly two weeks, and eurozone leaders have warned that the European Central Bank will cut emergency funding if it does not reach a new deal.
The new reform proposals will now be scrutinised by officials from Greece's EU-IMF creditors, before going before eurozone finance ministers on Saturday and a full summit of all 28 European Union leaders on Sunday.
"The (creditor) institutions will examine them to give their view to the Eurogroup," a European source told AFP on condition of anonymity.
"They also need these proposals to determine the size of the bailout programme -- that will also depend upon broader economic scenarios," the source said.
Greece's application letter on Wednesday to the eurozone's bailout fund, the European Stability Mechanism, called for a three-year programme but did not say how much money was needed.
As Greece submits new debt proposals to the Eurozone, a reminder of the key numbers in the crisis so far https://t.co/IN5kaabdOo
— RTÉ News (@rtenews) July 9, 2015
