In a race against the clock to avert bankruptcy, Greece has put forward fresh reform proposals to its international creditors.

Athens is seeking a parliamentary vote on Friday (July 10) to push for immediate actions. Greece’s survival in the euro zone hinges on the planned measures.

Prime Minister Alexis Tsipras and his cabinet spent Thursday (July 9) putting the last-ditch cash-for-reforms package together.

Between now and the end of 2016, Greece proposes scrapping tax breaks for its islands and cutting defence spending by 300 million euros. The package would see VAT raised;
luxury tax increased immediately and early retirement curbed.

In return, Athens is asking for 53.5 billion euros’ of funding to cover its loan obligations until the end of 2018.

Chairman of the Eurogroup of finance ministers Jeroen Djisselbloem confirmed receiving the request but said he would await an assessment from Greece’s troika of lenders before commenting further.

Euro zone leaders are expect