Greece submits new proposals to Eurogroup

BRUSSELS - Greece has submitted its new reform proposals to the Eurogroup ahead of the midnight deadline, a spokesperson for the Eurogroup president confirmed on Thursday.

"New Greek reform proposals received by Eurogroup president Jeroen Dijsselbloem, important for institutions to consider these in their assessment," Michel Reijns, Dijsselbloem's spokesman tweeted.

As Tuesday's emergency euro summit has gave Thursday midnight the latest second for Greece to present "detailed proposals for a comprehensive and specific reform agenda," Greece's move was viewed as a positive step forward to a final bailout agreement.

The European Union (EU) institutions are expected to assess the proposals and present them to the Eurogroup. Finance ministers of the Group are due to meet in Brussels on Saturday to discuss the Greek plan and then ultimately 28 leaders of EU members will gather for a final summit on Sunday.

EU leaders has set Sunday the other deadline for the month-long deadlocked Greek debt talks and warned that Greece may have to quit the currency zone if relevant parties fail to reach an agreement.

Greece has submitted its formal request to the European Stability Mechanism (ESM) on Wednesday, asking for a three-year loan from the bailout fund, aiming to avoid a possible Greek default and "Grexit."

Earlier the day, the Greek government was reported to present its new proposals to national parliament, seeking lawmakers' approval on Friday.