Greek Prime Minister Alexis Tsipras proposed a set of reforms to European creditors on Thursday in an effort to secure a new bailout package and prevent the country’s exit from the eurozone.

Eurogroup president Jeroen Dijsselbloem received the new Greek proposals on Thursday as expected, his spokeman told reporters on Thursday evening.

Creditors and European Union leaders of the 28-member bloc – who are scheduled to meet at a full summit on Sunday – will scrutinize the measures over the weekend.

A Greek exit from the monetary union, the so-called “Grexit”, could still be on the cards if the reforms don’t satisfy European leaders.

Greece made a request this week for a three-year loan from Europe's bailout fund and has pledged to "immediately implement" tax and pension-related measures.

Greek banks, which have been closed since June 29, 2015, will continue to be shuttered until Monday, July 13. However, the European Central Bank has continued to provide emergency funds to the Greek banking sector to prevent its collapse.

FRANCE 24