The European Commission (EC) has confirmed it has received a new reform proposal from Greece, which could finally unlock bailout money for the embattled nation. Reuters said officials from the EC had confirmed receipt of the document, which is thought to be just six pages long. One of the main reforms thought to be included in the proposals is a plan to roll Greek bonds held by the European Central Bank (ECB), due to mature in July and August, into the European Stability Mechanism (ESM). Under the plans, the ESM — a pan-European fund set up in 2012 to provide financial assistance to troubled states — would buy €6.7bn of bonds. However, according to Bloomberg the Brussels Group did not accept Greece’s new proposal, dismissing it as a “vague rehash” of previous proposals that have been submitted by the Greek government. The agency received its information from two officials who asked not to be named since they were not supposed to speak publicly about the proceedings at this time. Meanwhile, Greek government officials commented that they are expecting a written response from the Brussels Group, while they are calling on Greek people not to panic. European Commission: The proposal is still under consideration The institutions are carefully reviewing Greece’s new proposal, assured the Greek European Commission representative, Margaritis Schinas who also stressed that it takes time to check the new reform plan. According to Schinas, the three institutions are now evaluating the proposals with caution because, as he stated they have received different proposals, including the new Greek reform proposal that was submitted this morning.
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