Eurogroup Receives Initial Review of Greek Bailout Reform Plan

Greece’s new reform proposal, needed to secure a third bailout package from its international creditors, was received just hours before the deadline for submission was due to expire on Thursday.

MOSCOW (Sputnik) — The finance ministers of the eurozone received a first assessment from the European Union and the International Monetary Fund (IMF) of the new Greek bailout reform proposals, a spokesman for the Eurogroup said on Saturday.

"Assessment of institutions under Article 13 of the ESM [European Stability Mechanism] Treaty and initial review of the Greek proposals received by Eurogroup, meeting 3pm [Brussels time, 13:00 GMT]," Michel Reijns wrote in his Twitter account.

The new plan will be examined by eurozone creditors over the weekend.

In a Sunday referendum, some 61 percent of Greeks cast ballots against reforms demanded by its international creditors. The nationwide vote followed the failure of Athens and its creditors to come to an agreement.

According to Prime Minister Alexis Tsipras, the post-referendum reform program falls short of his original promises to the Greek people, but is better, on many points, than the rejected lender-proposed package.

Greece owes about $270 billion to its main international creditors, comprising the IMF, the European Central Bank and several eurozone nations.