The Greek government has submitted economic reform proposals to try to secure a further bailout from its creditors, eurozone officials say, according to BBC News.

They say they received the plan late on Thursday, July 9, just two hours before a midnight deadline. They will now study it ahead of EU meetings at the weekend.

The measures include tax rises, pension reforms, privatization and spending cuts, Greek media say. Greece needs a third bailout to avoid a default and a possible euro exit.

Jeroen Dijsselbloem, the head of the 19-member eurozone group of finance ministers, confirmed that he had received the Greek proposals.

Earlier, Greek Prime Minister Alexis Tsipras spent the day seeking agreement on the reforms from his government partners.

On Friday, the Greek parliament will vote on Tsipras' proposals. The plan will be then considered by eurozone finance ministers on Saturday, and by EU leaders at a summit in Brussels on Sunday.

According to Greek media reports, the measures submitted on Thursday include:

-tax rise on shipping companies and scrapping tax discounts for islands

-unifying VAT rates at standard 23%, including restaurants and catering

-phasing out solidarity grant for pensioners by 2019

-€300mln ($332mln) defense spending cuts by 2016

Earlier on Thursday, European Council President Donald Tusk said creditors would need to respond to Greece's reform plans with a "realistic proposal on debt sustainability".

German Chancellor Angela Merkel ruled out debt reduction, saying she was against "the classic haircut".

Greek banks have been closed for nearly a fortnight with limits placed on cash withdrawals.