Greece heads to Brussels with reform proposals

(Vatican Radio) Finance Minister Euclid Tsakalotos is expected to meet with his 18 colleagues from the other eurozone countries on Saturday afternoon to discuss Greek reform proposals. On Friday night Greece's parliament backed a government package of economic reforms and a third bailout.

But there was dissent within Prime Minister Alexis Tsipras’ own Syriza party with some withholding their support in protest at austerity measures contained in the new package.

The measures include tax hikes and deep spending cuts, including on pensions, that the government had so far resisted.

A summit of the full 28-nation European Union in Brussels is to consider the proposals on Sunday.

Speaking to Lydia O’Kane, Economist Giorgio Alfaràs is of the opinion that a deal is close. “They are very close to a compromise… and it is not impossible to have a deal very soon, so I am quite optimistic…”

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He also says Grexit is unlikely, “A Grexit or exit is possible but not very likely, this is my opinion… a Grexit would be a disaster for Greece…”

French President Francois Hollande described the measures as ``serious and credible,'' while the White House said it welcomed the latest proposal by Greece but “it's one that their creditors will have to evaluate".