Greece submits bailout plan proposal as fears of bankruptcy deepen

Proposals from Greece to explain how it will meet conditions for a new international bailout loan were received on Thursday by Jeroen Dijsselbloem, who chairs the Eurogroup of euro zone finance ministers, his spokesman said. As Greece races to stave off bankruptcy, its creditors want Athens to pass laws on reforms as “prior actions” to convince the international lenders of the government’s intent. The new bailout is the third Greece will have asked for in the past five years. The plans will be analyzed by Eurozone’s finance ministers on Saturday with a full European Union summit on Sunday with its 28-member countries.

This is a move to show that the government has the political will to proceed with implementing the promised reforms but without making any unilateral move before a Eurogroup meeting.

Greek government source

The radical left government of Greek Prime Minister Alexis Tsipras had until midnight Brussels time to submit a plan acceptable to its partners, especially skeptical Germany. In return, it is seeking billions of euros in loans to keep the country afloat. Leaders of the 28-nation European Union, including the 19 states that share the euro, are to hold a summit on Sunday billed as the “final deadline” to decide whether to save Greece.

Business Greece