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The head of the International Monetary Fund (IMF), Christine Lagarde announced that the Eurogroup is now working on the basis of the Greek proposal, after the country's Prime Minister Alexis Tsipras submitted his reform suggestions during an emergency summit in Brussels on Monday. The leaders of the 18 European member states and representatives of Greece's three lenders, the IMF, European Central Bank (ECB) and European Commission, agreed for the first time to Greece's proposed reform measures after a five month standoff over its debt repayments. The proposal is said to be a vast document, but the Greek government adjusted its suggestions to meet the three institutions' expectations. The leaders are currently reviewing the proposal before the Eurogroup will meet again on Wednesday to then submit the results to the European Council on Thursday.


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