The 19 ministers said in a statement that the European Union, European Central Bank and International Monetary Fund “consider this list of measures [presented by the Greek authorities] to be sufficiently comprehensive to be a valid starting point for a successful conclusion of the review.”
“We therefore agreed to proceed with the national procedures with a view to reaching the final decision on the extension by up to four months of the current Master Financial Assistance Facility Agreement,” the ministers’ statement reads.
Parliaments in several of the eurozone's member states must now vote on the Athens’s proposals.
Greece's bailout program expires on Saturday and without further support over the coming months, the country faces the possibility of going bankrupt, imposing capital controls and ditching the euro.
Meanwhile, the International Monetary Fund warned Tuesday that Greece's reform plan submitted in exchange for a bailout extension lacked clear signs that the government will follow through on its promises.
In a number of areas, "including perhaps the most important ones," the letter proposing the reforms "is not conveying clear assurances that the government intends to undertake the reforms envisaged," said IMF managing director Christine Lagarde in a statement.