EU, IMF, ECB, Eurozone Chiefs to Discuss Greece Reform Plan on Friday

Brussels: The heads of the European Commission, IMF, European Central Bank and the eurozone will discuss on Friday a last-ditch Greek reform plan submitted in a bid to avert financial collapse and exit from the single currency.

Commission spokesman Margaritis Schinas told a press conference that Jean-Claude Juncker, Christine Lagarde, Mario Draghi and Jeroen Dijsselbloem would discuss the plan in a conference call at 1100 GMT.

He said Greece's international creditors -- the Commission, the IMF, and the ECB -- were now studying the Greek proposals ahead of a meeting in Brussels Saturday of the Eurogroup, the 19-nation eurozone finance ministers.

"The three institutions are currently analysing these proposals to submit their assessments to the Eurogroup by the end of the day," Schinas said.

Greek Prime Minister Alexis Tsipras handed in the package to the creditors just two hours before a midnight deadline on Thursday.

Initial reaction to the package was mixed while German finance ministry spokesman Martin Jaeger said "the outcome of the Eurogroup meeting on Saturday is completely open."

An EU source said the Tsipras package "creates a margin for manoeuvre to negotiate and avoid Grexit".

But another source close to the talks said he was "not very optimistic" that a deal could be reached.

A third source said the "first impression was positive" but a deeper analysis of the proposals was still required.The proposals set out in a 13-page document concede to Greece's paymasters several key points that Tsipras's ruling coalition -- and Greek voters -- had previously fiercely opposed.

A make-or-break summit bringing together leaders of all 28 EU nations, not just the 19 that use the euro, is due to be held on Sunday.

It will decide whether to accept Greece's reform plan in exchange for another huge bailout -- its third in five years -- amounting to tens of billions of euros, or force a "Grexit" from the eurozone.