Optimism abounds over Greek bailout plan

Pro-European Union protesters in Athens — (Image credit: Louisa Gouliamaki/AFP/Getty Images)

Investors are in good spirits about the possibility of a workable Greek bailout for the first time in weeks, with the nation making significant steps toward reaching a deal with its creditors on Thursday by submitting a proposal for a three-year loan of at least €53.5 billion. Greece's proposed solution also concedes most of the austerity terms demanded by the country's European creditors — essentially, the same terms that Greek voters rejected in a referendum last Sunday.

While Athens' stock market remains closed, elsewhere the initial reaction has been very positive. "Markets love the Greek proposal," Bloomberg declared early Friday morning.

But it's not a done deal yet: "How lawmakers in Greece and creditors will receive the country's latest proposal on Friday and this weekend will determine whether the nation will be able to halt its economic tailspin and avoid leaving of the euro currency bloc," says The New York Times. 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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Jeva Lange was the executive editor at TheWeek.com. She formerly served as The Week's deputy editor and culture critic. She is also a contributor to Screen Slate, and her writing has appeared in The New York Daily News, The Awl, Vice, and Gothamist, among other publications. Jeva lives in New York City. Follow her on Twitter.