Greece submits €53.5 billion bailout proposal to creditors

The Greek government submitted economic reform proposals to its creditors, just two hours before their midnight deadline, eurozone officials said.

The package of reforms and spending cuts includes pension savings and tax increases, and will be presented to the Greek Parliament on Friday, Bloomberg reports. The proposal is for a three-year bailout loan of at least €53.5 billion ($59.2 billion), and also calls for the restructuring of Greece's debt. It is similar to the proposal the European Commission offered on June 26. On Sunday, EU leaders will hold a summit to decide if Greece will receive another bailout or leave the currency. In a referendum last Sunday, the country voted to reject the last bailout deal from creditors.

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