Greek prime minister Alexis Tsipras is to formally submit a new three-year bailout plan to the Greek parliament before the plan is put before the eurozone this weekend.
Reports suggest the latest plans include many of the measures rejected by Greek voters in a referendum last weekend.
According to the Financial Times, these new reform plans will see Greece press ahead with changes to pensions and tax increases even before a deal is reached as a trust-building exercise.
The proposals are said to include an overhaul of VAT and an end to “solidarity grants” for pensioners in 2019.
But the plans make no reference to debt relief, a key demand of former Greek finance minister Yanis Varoufakis.
Greek MPs will be asked to approve the plan by this afternoon to give Tsipras’ Syriza government a mandate to negotiate with creditors at an EU summit on Sunday.
Greece’s second bailout expired on 30 June, and the country’s banks have imposed a €60 daily limit on cash machine withdrawals since 28 June.
For its third bailout, the Greek government will reportedly seek €53.5bn, adding to the €240bn the nation has received since 2010.