Greek debt crisis: Greece submits new reform plan ahead of deadline

 
Jessica Morris
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A pro-Europe rally gathered outside Greek parliament earlier today (Source: Getty)

Greece has submitted reform plans ahead of its deadline which was midnight tonight as it rushes to agree a bailout deal with creditors and avoid economic catastrophe.

The spokesperson for Eurogroup president Jeroen Dijsselbloem said he had received the Greek proposal and that it is "important for institutions to consider these in their assessment".

The reform plan is thought to include concessions on taxes and pensions which have proved to be sore spots throughout the negotiations.

Read more: Tsipras lays down two red lines it won't cross in debt talks

It will now be assessed by bailout monitors and then evaluated at a meeting of Eurozone finance ministers - known as the Eurogroup - on Saturday.

This is ahead of an emergency summit taking place on Sunday where all 28 EU leaders will meet to decide whether Greece should be granted a third bailout.

If Greece is unable to secure this then it faces bankruptcy, a banking crisis and potential removal from the single currency.

Read more: Germany concedes Greece needs debt relief

A Greek official told Reuters the government will hold a parliamentary vote tomorrow to seek authorisation to negotiate a list of "prior actions" it would take before any fresh aid is disbursed.

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