Greece has sent reform plans, a 'valid starting point' - EU source

Greece sent a list of economic reform plans to European institutions and the International Monetary Fund around midnight, a source close to the European Commission said on Tuesday, Feb 24, 2015. -- PHOTO: REUTERS
Greece sent a list of economic reform plans to European institutions and the International Monetary Fund around midnight, a source close to the European Commission said on Tuesday, Feb 24, 2015. -- PHOTO: REUTERS

BRUSSELS (Reuters) - Greece sent a list of economic reform plans to European institutions and the International Monetary Fund around midnight, a source close to the European Commission said on Tuesday.

Greece was to submit the plan by midnight Athens time on Monday (6am Tuesday Singapore time) in return for a four-month extension to the country's debt bailout.

"In the Commission's view, this list is sufficiently comprehensive to be a valid starting point for a successful conclusion of the review," the source said.

"We are notably encouraged by the strong commitment to combat tax evasion and corruption," the source added.

Eurozone finance ministers are due to approve or reject Greece's reform plan.

Should the measures by Greece, which is struggling under 320 billion euro (S$492.76 billion) of debt, fail to win EU approval, another round of emergency negotiations may be triggered this week. If they get the greenlight, the extension can go ahead, pending approval from some European countries' parliaments.