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2nd LD Writethru: Greek debt deal proposal submitted to parliament, lenders for approval

Xinhua, July 10, 2015 Adjust font size:

The Greek government's proposal for a debt deal with lenders to avoid a looming bankruptcy and Grexit was submitted late on Thursday night to the institutions and the Greek parliament, Greek national news agency AMNA reported.

Its content has not yet been publicized, but according to Greek government sources cited by AMNA the document will be posted on the parliament's webpage by Friday noon when the plenum will convene to debate the proposal through emergency procedures.

Eurogroup President Jeroen Dijsselbloem's spokesman Michel Reijns confirmed via twitter that the Greek proposal has been received in Brussels.

As the Euro Working Group will be assessing it on Friday, Greek lawmakers will be asked to authorize the government to negotiate with the country's lenders, based on its content, government sources told AMNA.

After the negotiation is concluded, the final document will be submitted to the Greek parliament for approval, making it a state law.

Greece has been given an ultimatum by euro zone partners earlier this week to submit credible and comprehensive proposals for a new reforms for cash third bailout by this weekend.

As Tuesday's emergency euro summit has gave Thursday midnight the latest second for Greece to present "detailed proposals for a comprehensive and specific reform agenda," Greece's move was viewed as a positive step forward to a final bailout agreement.

The European Union (EU) institutions are expected to assess the proposals and present them to the Eurogroup. Finance ministers of the Group are due to meet in Brussels on Saturday to discuss the Greek plan and then ultimately 28 leaders of EU members will gather for a final summit on Sunday.

EU leaders has set Sunday the other deadline for the month-long deadlocked Greek debt talks and warned that Greece may have to quit the currency zone if relevant parties fail to reach an agreement.

This Sunday's extraordinary euro zone and EU summits will either seal a deal or show Greece the exit from the European common currency zone, officials and analysts have warned. Endit