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    European Economic and Financial Affairs Commissioner Pierre Moscovici arrives to attend an euro zone finance ministers meeting in Brussels, Belgium, July 11, 2015

    Greek Reform Proposal Could Become Basis for New Bailout - EU Commissioner

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    Greece's Gordian Knot: Syriza Tackles Austerity (404)
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    EU Economic and Financial Affairs Commissioner Pierre Moscovici said that Greek reforms program could constitute the basis of an agreement for a new financial aid plan.

    BRUSSELS (Sputnik) — Athens' plan of reforms could become the basis for a new aid package for Greece, EU Economic and Financial Affairs Commissioner Pierre Moscovici said Saturday.

    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.

    "Greek reforms program could constitute the basis of an agreement for a new [financial] aid plan," Moscovici said on Twitter.

    Later in the day, the eurozone finance ministers will meet in Brussels to discuss whether the proposals on economic reforms made by Athens are sufficient to start talks on further financial assistance for the debt-ridden country.

    Greek Prime Minister Alexis Tsipras looks on within his address to the Greek Parliament in Athens on June 5, 2015
    © AFP 2019 / ANGELOS TZORTZINIS
    In a Sunday referendum called by Greek Prime Minister Alexis Tsipras, over 61 percent of the Greeks voted to reject the unpopular austerity measures demanded by Athens' major international creditors in exchange for further financial assistance.

    Tsipras said Saturday, that the new reform program compiled after the referendum falls short of the promises made to the Greek people, but is an improvement on the rejected lender-proposed package.

    Without additional financial assistance, Greece will not be able to pay back the immense debt accumulated by previous governments.

    Greece’s next payment of $3.9 billion is due July 20 to the European Central Bank. The country's overall debt stands at about $350 billion.

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    Greece's Gordian Knot: Syriza Tackles Austerity (404)

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    bailout program, European Union, Pierre Moscovici, Greece
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