PARIS
French President Francois Hollande welcomed on Friday the new proposal made by the Greek government saying that it shows Athens' determination to stay in the eurozone.
"The Greeks have just shown their determination to remain in the eurozone, because the program they propose is serious and credible, and the government will submit it later today to the Greek Parliament. He also said the fact the government is submitting its proposals to Parliaments shows "power, commitment and I would also say, courage," Hollande told reporters in Paris.
"The next hours will be important.. nothing is decided yet, but it will be later, " he added.
Hollande said the discussions must now reach "an agreement that respects the European rules and standards, and one for the Greeks who have suffered greatly."
UBS analyst Beat Siegenthaler said, in a note on Friday, that the French president, and several of his ministers, had worked tirelessly behind the scenes to support the Greek government's new offer, and to convince other European leaders that it merited consideration.
German leaders have also softened their stance on the proposals, offering to give some consideration to a restructuring of Greek debt.
German Chancellor Angela Merkel said on Thursday that Germany would not accept “a classic hair cut,” of Greek debt. But that left open the possibility of a different kind of restructuring, which Merkel did not rule out.
The Greek government sent proposals early Friday morning. They call for a new three-year bailout valued at 53.5 billion euros ($59 billion) and make significant concessions on pensions and tax increases.
The head of the Eurogroup, Jeroen Dijsselbloem said on Friday that it will reply to the new Greek bailout proposals on Friday ahead of a scheduled meeting on Saturday.
