By Jonathan Davies

Greece has submitted its new proposals for economic reform in a bid to secure another bailout, eurozone officials have confirmed.

Officials said the proposals arrived just two hours before the midnight deadline. Eurozone finance ministers will now assess the proposals ahead of an emergency summit of EU leaders on Sunday.

Media reports suggest the proposals include pension reforms, tax rises, spending cuts and privatisation. Reports earlier this week claimed that Greece was to ask for a 30% reduction in its debt, which totals more than €300 billion.

Head of eurozone finance ministers, Jeroen Dijsselbloem, confirmed that the proposals had been submitted after Greek Prime Minister Alexis Tsipras spent the day trying to agree on reforms with his ministers.

Today, the Greek Parliament will vote on the new proposals before they are considered by eurozone finance ministers on Saturday.

In return for the proposals, it is understood Greece is requesting €53.5bn in its new bailout package, as well as the restructuring of its debt. If successful, it would take Greece's debt to the European Commission, European Central Bank (ECB) and International Monetary Fund (IMF) to more than €300bn, with its total debt rising to €370bn.