Eurogroup says new plan 'thorough'

The Eurogroup has described new Greek proposals on securing a vital third bailout as "thorough" President Jeroen Dijsselbloem said a "major decision" could now be made at a eurozone finance meeting on Saturday.

The proposals are aimed at staving off financial collapse and preventing a possible Greek exit from the eurozone.

Greek PM Alexis Tsipras will put the plan, which contains many elements rejected in a referendum last Sunday, to a vote in parliament on Friday.

The prime minister submitted the proposals to Greece's creditors - the European Commission, the European Central Bank and the International Monetary Fund - by the Thursday deadline they had set.

European Commission President Jean-Claude Juncker, European Central Bank President Mario Draghi, International Monetary Fund head Christine Lagarde and Mr Dijsselbloem are to hold a conference call on the new proposals at 11:00 GMT, EU sources told Reuters.

Mr Dijsselbloem said the new Greek paper was "a thorough piece of text" and that support from the Greek parliament would give it "more credibility".

"But even then we need to consider carefully whether the proposal is good and if the numbers add up. We have to make a major decision. Whichever way."

Only a few days ago Mr Tsipras won an overwhelming mandate from the Greek people, in a referendum, to reject more-or-less these bailout terms.

And today, on the back of that popular vote, he is signing up to the supposedly hated bailout. This is big politics that would make Lewis Carroll proud.

But here's the point. If a way isn't found to allow the banks to reopen within days - and the ECB simply maintaining Emergency Liquidity Assistance won't come anywhere near to achieving that - the Greek economy will implode so that any bailout deal agreed this weekend will become irrelevant in weeks.