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New Greek reform proposal received

The head of the eurogroup has received proposals from the Greek government needed to discuss a deal by Sunday to stave off the country's financial collapse.

Beating a midnight deadline by almost two hours, the spokesman for Dutch eurogroup President Jeroen Dijsselbloem tweeted that the proposals were received and that it was "important for institutions to consider these in their assessment" of the Greek situation.

Eurogroup finance ministers are meeting on Saturday to discuss them and prepare a Sunday summit of European Union government leaders, widely seen as the decisive meeting on the Greek bailout crisis.

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