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| Greek debt plans to be submitted | |
| (about 2 hours later) | |
| Greece's government has agreed a reform programme and will submit its proposals to its international lenders soon, the defence minister has said. | |
| The reforms are thought to include tax rises and pension changes. | |
| Greece is due to present the proposals by 22:00 GMT on Thursday to try to secure a third bailout and prevent a possible exit from the eurozone. | |
| The new proposals will be studied by eurozone finance ministers on Saturday and a full EU summit on Sunday. | The new proposals will be studied by eurozone finance ministers on Saturday and a full EU summit on Sunday. |
| Defence Minister and junior coalition party leader Panos Kammenos gave no further details of the agreed plans as he left the prime minister's official residence, where ministers had been meeting. | |
| Prime Minister Alexis Tsipras has spent the day discussing the proposals with his cabinet. | |
| Greek media are reporting that the reforms will be put to the Greek parliament on Friday for approval. | |
| On Wednesday Greece formally submitted a request for an unspecified loan from the European Stability Mechanism bailout fund. | On Wednesday Greece formally submitted a request for an unspecified loan from the European Stability Mechanism bailout fund. |
| This would be a fresh loan "to meet Greece's debt obligations and to ensure stability of the financial system", Greece says - in other words, to avoid bankruptcy. | This would be a fresh loan "to meet Greece's debt obligations and to ensure stability of the financial system", Greece says - in other words, to avoid bankruptcy. |
| The President of the European Council, Donald Tusk, who will chair Sunday's EU summit, said he hoped to receive "concrete and realistic proposals of reforms from Athens". | The President of the European Council, Donald Tusk, who will chair Sunday's EU summit, said he hoped to receive "concrete and realistic proposals of reforms from Athens". |
| Such proposals "will have to be matched by an equally realistic proposal on debt sustainability from the creditors. Only then will we have a win-win situation," Mr Tusk added. | Such proposals "will have to be matched by an equally realistic proposal on debt sustainability from the creditors. Only then will we have a win-win situation," Mr Tusk added. |
| However the German Chancellor Angela Merkel said that "a classic haircut" (meaning reducing the value of Greece's debts) was "out of the question" for her. | However the German Chancellor Angela Merkel said that "a classic haircut" (meaning reducing the value of Greece's debts) was "out of the question" for her. |
| All Greek to you? Debt jargon explained | All Greek to you? Debt jargon explained |
| Speaking in Sarajevo, Mrs Merkel said the eurozone had dealt with the issue of debt sustainability in 2012. | Speaking in Sarajevo, Mrs Merkel said the eurozone had dealt with the issue of debt sustainability in 2012. |
| 'Just do it' | 'Just do it' |
| She described Sunday's EU summit as a decisive and important meeting. | She described Sunday's EU summit as a decisive and important meeting. |
| "We must not forget that the Greek people are suffering at the moment," she said. | "We must not forget that the Greek people are suffering at the moment," she said. |
| German Finance Minister Wolfgang Schaeuble also ruled out debt relief for Greece, saying "there cannot be a haircut because it would infringe the system of the European Union". | |
| Greece needs to implement reforms to win the trust of its eurozone partners, Mr Schaeuble said. He told a conference in Frankfurt that his message to the new Greek Finance Minister Euclid Tsakalotos was: "Just do it!". | Greece needs to implement reforms to win the trust of its eurozone partners, Mr Schaeuble said. He told a conference in Frankfurt that his message to the new Greek Finance Minister Euclid Tsakalotos was: "Just do it!". |
| Follow the latest updates here | Follow the latest updates here |
| The Greek government has meanwhile extended bank closures and the €60 (£43; $66) daily limit on cash machine withdrawals until Monday. | The Greek government has meanwhile extended bank closures and the €60 (£43; $66) daily limit on cash machine withdrawals until Monday. |
| The curbs were imposed on 28 June, after a deadlock in bailout talks with creditors led to a rush of withdrawals. | The curbs were imposed on 28 June, after a deadlock in bailout talks with creditors led to a rush of withdrawals. |
| Louka Katseli, the head of the Greek bank association, said on Thursday that there was enough liquidity in cash machines to serve the public until Monday. | Louka Katseli, the head of the Greek bank association, said on Thursday that there was enough liquidity in cash machines to serve the public until Monday. |
| Crisis countdown | Crisis countdown |
| Tsipras, Greece's high-stakes gambler | Tsipras, Greece's high-stakes gambler |
| Why Greece sees France as last hope | Why Greece sees France as last hope |
| How easy is it to swap currencies? | How easy is it to swap currencies? |
| Full coverage of Greek debt crisis | Full coverage of Greek debt crisis |
| On Thursday, EU Economics Commissioner Pierre Moscovici said he was hopeful of a new deal: "I have the sense that the dialogue is established, or restored, and that there is a way out." | On Thursday, EU Economics Commissioner Pierre Moscovici said he was hopeful of a new deal: "I have the sense that the dialogue is established, or restored, and that there is a way out." |
| The IMF, lowering its economic growth forecast for the world for 2015, said events in Greece would have a "limited" effect on the rest of the global economy, as Greece makes up just 2% of the eurozone. | The IMF, lowering its economic growth forecast for the world for 2015, said events in Greece would have a "limited" effect on the rest of the global economy, as Greece makes up just 2% of the eurozone. |
| Greek scenarios | Greek scenarios |
| What happens next? | What happens next? |
| European Stability Mechanism explained | European Stability Mechanism explained |
| Greece's creditors - the European Commission, the European Central Bank and the IMF - have already provided more than €200bn in two bailouts since a rescue plan began five years ago. | Greece's creditors - the European Commission, the European Central Bank and the IMF - have already provided more than €200bn in two bailouts since a rescue plan began five years ago. |
| The second bailout expired on 30 June. | The second bailout expired on 30 June. |
| The creditors had hoped for new, concrete proposals from Greece at a meeting on Tuesday but these were not submitted and they instead agreed to set a new deadline of Thursday. | The creditors had hoped for new, concrete proposals from Greece at a meeting on Tuesday but these were not submitted and they instead agreed to set a new deadline of Thursday. |
| Greece has been warned this is the "final deadline". | Greece has been warned this is the "final deadline". |
| Mr Tusk has said this is "now maybe the most critical moment in the history of the eurozone". | Mr Tusk has said this is "now maybe the most critical moment in the history of the eurozone". |
| "This is really and truly the final wake-up call for Greece and for us, our last chance," he said, adding that failure "may lead to the bankruptcy of Greece". | "This is really and truly the final wake-up call for Greece and for us, our last chance," he said, adding that failure "may lead to the bankruptcy of Greece". |
| Mr Tsipras's Syriza party was elected in January pledging to oppose the harsh austerity measures demanded by creditors. | Mr Tsipras's Syriza party was elected in January pledging to oppose the harsh austerity measures demanded by creditors. |
| And on Sunday, the Greek people decisively rejected the latest bailout proposals from creditors in a referendum. | And on Sunday, the Greek people decisively rejected the latest bailout proposals from creditors in a referendum. |
| Energy minister and influential Syriza member Panayiotis Lafazanis insisted on Thursday that Greece would not sign up to a third bailout if it brought "harsh austerity, suffering and deprivation to the Greek people". | Energy minister and influential Syriza member Panayiotis Lafazanis insisted on Thursday that Greece would not sign up to a third bailout if it brought "harsh austerity, suffering and deprivation to the Greek people". |
| He insisted Greece had "alternative options to a new bailout deal" and there was "no gun pointed at its head". | He insisted Greece had "alternative options to a new bailout deal" and there was "no gun pointed at its head". |
| Supporters of Greece staying in the euro held a rally in central Athens on Thursday night. |